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SCHIP Information update.
- Thread starter grateful1
- Start date
Mrepp
To boldly troll where no Troll has trolled before
someone just needs to leak a fake story to the media on how this will help support terrorism instead of hinder and it will never be spoken of again.
PSTAN
Active Member
The funding methodology is still a crock of crap and I don't think their "revisions" are enough.
NullSmurf
Das Bruce
CBS poll sez 81% want the bill? C'mon!
Infinity
Infinity - *Unbounded space, time, or quantity*
Raising the tobacco tax by 61 cents a pack is not a big deal but hidden in the bill is the $10 per cigar, completely out of proportion. I guess we are a small community in the greater scheme of things :angry: ...if this passes, unfortunately many B&M's are going to suffer.
Brian
Brian
NullSmurf
Das Bruce
if the tax passes as is, I WILL stop smoking alltogether. I will then actively campaign FOR every Republican in my sphere, and thereby AGAINST every Democrat.
PSTAN
Active Member
Bruce, please correct me if I am wrong but isn't there some Republicans voting "yes" for this? Possibly they are just skimming the bill for the subjects they find important and saying screw the rest. Any way about it, the tobacco tax is unjust.
NullSmurf
Das Bruce
Yep, 45 voted yes originally. They need those 45 plus 14 more to override. Even with the scheduling shenannigans, I don't think they'll make it.
Devil Doc
When Death smiles, Corpsmen smile back
But Bruce, it's for the children!
Doc.
Doc.
NullSmurf
Das Bruce
Ya, spoken by the the same tie die wearing dipshit that called you a baby killer!
Devil Doc
When Death smiles, Corpsmen smile back
Infinity
Infinity - *Unbounded space, time, or quantity*
KeithS
New Member
I just got an email from my State Rep. and he supports the bill. He won't be getting my vote (didn't in the first place). :angry:
Bottom line....it's still out there!!!
--------------------------------------------------------------------
The current plan. *(expires(d))
----------------------------------------------------
The update
to lenghthen current plan until Sept 2008)
"H.R. 3963: Children's Health Insurance Program Reauthorization Act of 2007"
Of concern:
Title VII - Revenue Provisions Section 701 - Amends the Internal Revenue Code to increase excise tax rates on cigars, cigarettes, cigarette papers and tubes, smokeless tobacco, pipe tobacco, and roll-your-own tobacco. Imposes a tax on floor stocks of tobacco products (other than certain cigars and cigarette papers and tubes), reduced by a $500 tax credit. Requires payment of such floor stock taxes on or before April 1, 2008. Extends the floor stock tax to articles located in a foreign trade zone on January 1, 2008. ( ??? )
Section 702 - Applies administrative tax law provisions relating to permits, inventory, reporting, and recordkeeping to manufacturers and importers of processed tobacco (i.e., any tobacco other than tobacco products). Expands the authority of the Secretary of the Treasury to deny, suspend, or revoke permits for manufacturing or importing tobacco products. Revises the definition of "roll-your-own tobacco" to include cigars or cigar wrappers. ( ??? ) Amends the Tariff Act of 1930 to apply limitation periods for assessment of tax under the Internal Revenue Code to alcohol and tobacco excise taxes. Imposes an immediate excise tax on any tobacco products, cigarette paper, or tubes produced in the United States at any place other than the premises of a lawful manufacturer of such products.
Section 703 - Amends the Tax Increase Prevention and Reconciliation Act of 2005 to reduce the estimated tax payment of income tax liability due in the third quarter of 2012 for corporations with assets of at least $1 billion from 114.75% to 113.75% of the payment otherwise due.
-----------------
Note - the included a section called:
Subtitle C - Other Provisions Support for Injured Servicemembers Act -
Section 621 - Amends the Family and Medical Leave Act to provide for family leave for covered members of the armed forces, including related civilian federal civil service employees who give care to such servicemembers.
Section 622 - Establishes a task force to conduct a nationwide campaign of education and outreach for small business concerns regarding the availability of coverage for children through private insurance options, the Medicaid program, and CHIP.
Section 623 - Expresses the sense of the Senate that it: (1) recognizes the necessity to improve affordability and access to health insurance for all Americans; (2) acknowledges the value of building upon the existing private health insurance market; and (3) affirms its intent to enact legislation this year that, with appropriate consumer protections, improves access to affordable and meaningful health insurance coverage for employees of small business and individuals.
(I'd like to see the SCHIP bill stand on it's own - it won't!)
--------------------------------------------------
Informational article
by:
SCHIP Expansion: Socialized Medicine on the Installment Plan
by David Hogberg, Ph.D.
--------------------------------------------------------------------
The current plan. *(expires(d))
----------------------------------------------------
The update
to lenghthen current plan until Sept 2008)"H.R. 3963: Children's Health Insurance Program Reauthorization Act of 2007"
Of concern:
Title VII - Revenue Provisions Section 701 - Amends the Internal Revenue Code to increase excise tax rates on cigars, cigarettes, cigarette papers and tubes, smokeless tobacco, pipe tobacco, and roll-your-own tobacco. Imposes a tax on floor stocks of tobacco products (other than certain cigars and cigarette papers and tubes), reduced by a $500 tax credit. Requires payment of such floor stock taxes on or before April 1, 2008. Extends the floor stock tax to articles located in a foreign trade zone on January 1, 2008. ( ??? )
Section 702 - Applies administrative tax law provisions relating to permits, inventory, reporting, and recordkeeping to manufacturers and importers of processed tobacco (i.e., any tobacco other than tobacco products). Expands the authority of the Secretary of the Treasury to deny, suspend, or revoke permits for manufacturing or importing tobacco products. Revises the definition of "roll-your-own tobacco" to include cigars or cigar wrappers. ( ??? ) Amends the Tariff Act of 1930 to apply limitation periods for assessment of tax under the Internal Revenue Code to alcohol and tobacco excise taxes. Imposes an immediate excise tax on any tobacco products, cigarette paper, or tubes produced in the United States at any place other than the premises of a lawful manufacturer of such products.
Section 703 - Amends the Tax Increase Prevention and Reconciliation Act of 2005 to reduce the estimated tax payment of income tax liability due in the third quarter of 2012 for corporations with assets of at least $1 billion from 114.75% to 113.75% of the payment otherwise due.
-----------------
Note - the included a section called:
Subtitle C - Other Provisions Support for Injured Servicemembers Act -
Section 621 - Amends the Family and Medical Leave Act to provide for family leave for covered members of the armed forces, including related civilian federal civil service employees who give care to such servicemembers.
Section 622 - Establishes a task force to conduct a nationwide campaign of education and outreach for small business concerns regarding the availability of coverage for children through private insurance options, the Medicaid program, and CHIP.
Section 623 - Expresses the sense of the Senate that it: (1) recognizes the necessity to improve affordability and access to health insurance for all Americans; (2) acknowledges the value of building upon the existing private health insurance market; and (3) affirms its intent to enact legislation this year that, with appropriate consumer protections, improves access to affordable and meaningful health insurance coverage for employees of small business and individuals.
(I'd like to see the SCHIP bill stand on it's own - it won't!)
--------------------------------------------------
Informational article
by:
SCHIP Expansion: Socialized Medicine on the Installment Plan
by David Hogberg, Ph.D.
Blue Dragon
Can't Re-Member
I was trying to see if anything changed regarding the $10 tax cap per cigar and this is what I came up with ... FWIW
---
-Increases the tax on cigars from $1.828 per thousand to $50.00 per thousand for cigars weighing less than 3 pounds per thousand, and increases the tax from 20.719 percent of the retail price to 52.988 percent of the retail price for cigars weighing more than three pounds per thousand, with a cap of $3.00 per cigar (Sec. 701 [a]).
-Increases the taxes on pipe tobacco from $1.0969 to $2.8126 per pound and on roll-your-own-tobacco from $1.0969 to $8.8889 per pound (Sec. 701 [f-g]).
---
I am glad to see that the cigar tax cap was lowered to $3 at least, but still find this absolutely ludicrous. I was shocked to see the increase tax on roll your own tobacco. That just doesn't seem to make any sense when it is compared to the taxes imposed on all of the other tobacco products.
So, out of curiosity, what would this mean to me? Please check my math and LMK if I am looking at this correctly.
Let's start with an $8 MSRP cigar, today. So, before the tax, the cigar retail price was $6.34. Tax on this cigar would be $3.36, but with the cap it would be $3. So the new cost of the cigar would be $9.34.
Does that look correct? TIA.
---
-Increases the tax on cigars from $1.828 per thousand to $50.00 per thousand for cigars weighing less than 3 pounds per thousand, and increases the tax from 20.719 percent of the retail price to 52.988 percent of the retail price for cigars weighing more than three pounds per thousand, with a cap of $3.00 per cigar (Sec. 701 [a]).
-Increases the taxes on pipe tobacco from $1.0969 to $2.8126 per pound and on roll-your-own-tobacco from $1.0969 to $8.8889 per pound (Sec. 701 [f-g]).
---
I am glad to see that the cigar tax cap was lowered to $3 at least, but still find this absolutely ludicrous. I was shocked to see the increase tax on roll your own tobacco. That just doesn't seem to make any sense when it is compared to the taxes imposed on all of the other tobacco products.
So, out of curiosity, what would this mean to me? Please check my math and LMK if I am looking at this correctly.
Let's start with an $8 MSRP cigar, today. So, before the tax, the cigar retail price was $6.34. Tax on this cigar would be $3.36, but with the cap it would be $3. So the new cost of the cigar would be $9.34.
Does that look correct? TIA.
dk_ace
New Member
If the retailer sold it at MSRP originally, assuming the same markup the cigar would now sell to the consumer for $11.79. If this passes, it will be interesting to see if the dealers absorb some of the increase or pass all of it on to the customer.
D
D
mmburtch
Sleep deprived and cranky
I'm not quite sure why you list a MSRP of $8 and a retail of $6.34. Here is how I read this as it applies to you a resident of Idaho.
Assuptions are that Wholesale is 50% of retail and retail is MSRP, Idaho state tobacco tax is 40% of wholesale, Federal tax will be driven by MSRP not shelf pricing.
As it stands today:
Retail price...8
State tax...1.6
federal tax....05 (current cap)
total $9.65 before local sales tax
If the cap increases
retail price...8
state tax...1.6
federal tax...3
total $12.60 before local sales tax
dk_ace
New Member
I misread the post. mmburtch's math is correct, so you can disregard mine.
D
D
mmburtch
Sleep deprived and cranky
The problem with wondering if the retailers will pick up the cost is compounded by wondering if the retailers will be there at all. Don't forget the floor tax.
If we assume that even a relitively small retailer has $50,000 in inventory at his cost, that comes out to $100,000 at MSRP. That means the retailer is going to be faced with a $52,988 tax bill for what is already on their shelves. How many small business owners do you think are going to be able to absorb this?