If you are heading out to buy a pack of cigarettes or some tobacco to roll your own, you may want to take some extra cash. On Wednesday, the federal government’s tax increases will drive up the price on almost all tobacco products.
Cigarettes will see a tax increase from $.39 cents per pack to $1.01 per pack. With recent increases by manufacturers, this will push the average cost per pack of cigarettes to over $5.00 or more for some premium brands.
People who rolled their own cigarettes as a way to save money will find their savings are not as great either. The tax for a pound of “roll-your-own” tobacco will rise an astronomical 2300% from $1.10 to $24.78 per pound.
Of course, cigarette manufacturers new the raise was coming, so some upped the price already which will cover the costs of the taxes plus extra, which the companies hope will offset the loss of some smokers who cannot afford the habit.
