Business

Texas Ways and Means Committee Considers Ridiculous Proposal from Big Tobacco Companies

Philip Morris USA, R.J. Reynolds Tobacco Company and Lorillard Tobacco Company, three of America's largest tobacco companies, are pushing the Texas Legislature to raise taxes on small tobacco companies. Philip Morris USA, R.J. Reynolds Tobacco Company and Lorillard Tobacco Company, three of America's largest tobacco companies, are pushing the Texas Legislature to raise taxes on small tobacco companies. The big companies complain that because they pay the state extra fees under a 1998 lawsuit settlement, their market share has been unduly reduced.
If the Legislature does pass the tax hike in the next session, the move would benefit the big tobacco companies and hurt Texas. The small companies would be put out of business and soon not pay any state taxes, resulting in a loss of revenue for the state as well as a loss of jobs.
origin Author: 
origin Blog: 

Pages