US Gov’t Pockets $20.6B worth of Sin Taxes in 2009
Based on the annual report of the Alcohol and Tobacco Tax and Trade Bureau, more and more Americans are willing to pay through their nose just to have a smoke and to arm themselves to the teeth. In 2009, the US government was able to collect $20.6 billion from sin taxes.
A new report released by the United States government on Wednesday showed that more and more Americans are willing to pay through their nose just to have a smoke and to arm themselves to the teeth.
Based on the annual report of the Alcohol and Tobacco Tax and Trade Bureau, the federal government was able to collect over $20.6 billion in taxes from tobacco, alcohol, firearms and ammunition in 2009, at least 41 percent increase from 2007.
The bureau attributed the revenue growth of more than $6 billion to the increase in sin taxes being imposed on tobacco products after the US Congress passed the Children's Health Insurance Reauthorization Act early in 2009.
Also, the spike in gun users has resulted to bigger sales for the weapons industry.
Based on the report, firearms and ammunition excise tax collection has increased by more than 45 percent in October 2009, compared to the same period in the previous year.
“The average annual increase in sin taxes in firearms and ammunition is six percent from 1993 to 2008,” the report said.
Based on a separate survey, the surge in the sales of firearms and ammo was a result of a previous pronouncement from President Barack Obama that he will soon ban sales of gun in the US while he is still president.
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