Colorado’s Tax Bill is attempting to raise taxes on all tobacco products this Fall. Vaping could see the highest tax hike of any state if this becomes law.
Fastest Taxing In The West
Colorado voters will have a new proposition on the table this fall for voting. The bill sets aside up to 300 million dollars a year in extra revenue for the state based on their tobacco sales. The proposed 300 million would be used exclusively for Colorado’s Pre-K program in public school.
Colorado currently has the 40th lowest taxes on excise items like tobacco. This is a pretty low rate, but they make plenty of money from the surplus of Marijuana taxes.
Their reasoning behind the new taxes presents the idea that it would be harder for teens to be introduced to vaping products. Colorado is said to have one of the highest youth vaping rates.
“Placing taxes on these products is the best way of keeping these products out of the hands of kids,” said Jake Williams, executive director of Healthier Colorado.
With a national T21 law in effect, this seems excessive. You must be 21 to even set foot into a vape shop or tobacco store, and you must have a valid ID. The T21 law was enacted solely to dissuade teen vapers, and makes them much more difficult to acquire.
New taxes on a pack of cigarettes or vaping products would range from $1.20 to $2.60, depending on which version of the ballot proposal is selected. At 84 cents a pack, With a $1.01 federal tobacco tax, the measure would bring total taxes to between $3.05 and $4.45 a pack.