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http://www.marketplace.org/2016/04/14/life/fewer-smokers-means-looming-defaults-state-bonds
"This year, for fiscal year 2016, the states will collect over $25 billion from the settlement and tobacco taxes combined — all tobacco-related revenue," said John Schachter, a spokesman for the Campaign for Tobacco-Free Kids. "And yet they've budgeted less than 2 percent of that — not even $500 million for tobacco prevention and cessation programs."
Schachter added, “We’re not asking for a ton of it to be spent on tobacco prevention and cessation, but certainly more than 2 percent that they’re spending on it. If they just spent a little more than that, they could fully fund these programs up to levels that the CDC recommends.”
And about a dozen states and provinces that issued bonds with future settlement payments as collateral are in a worse fiscal bind. A collaboration between Marketplace and ProPublica in 2014 looked into why these states may have to pay far more than they made.
But things have gotten worse for those states since then, as it turns out, because fewer people are smoking cigarettes. Sales are shrinking, and since the settlement amounts are tied to those sales, states are seeing about a 4.5 percent decrease in payments each year.
"The number of people smoking has been decreasing by 4 to 5 percent yearly for a decade now," said Jim Estes, a professor of finance at California State University, San Bernardino. "The feeling is a lot of the tobacco bonds that were issued will basically have no money to sustain them after 2026, 2024 — depends on the stat you're looking at."
In the meantime, Estes said, some regions have begun taxing vaping and e-cigarettes as a way to raise revenue. "
So there it is... "We got fucked playing the market with money that we did not yet have, money meant for programs to keep children off cigarettes. That hasn't worked out for us so fuck the smokers fuck your health and fuck the ANTIDOTE to smoking we are going to tax that to repay our bad stock market investments from the late 90's"
They SAID what we have all known since they decided to tax the antidote so much that lower middle class to poor smokers can not afford it.
QUIT OR DIE, NAH FUCK IT, JUST DIE!!!! - 5150
"This year, for fiscal year 2016, the states will collect over $25 billion from the settlement and tobacco taxes combined — all tobacco-related revenue," said John Schachter, a spokesman for the Campaign for Tobacco-Free Kids. "And yet they've budgeted less than 2 percent of that — not even $500 million for tobacco prevention and cessation programs."
Schachter added, “We’re not asking for a ton of it to be spent on tobacco prevention and cessation, but certainly more than 2 percent that they’re spending on it. If they just spent a little more than that, they could fully fund these programs up to levels that the CDC recommends.”
And about a dozen states and provinces that issued bonds with future settlement payments as collateral are in a worse fiscal bind. A collaboration between Marketplace and ProPublica in 2014 looked into why these states may have to pay far more than they made.
But things have gotten worse for those states since then, as it turns out, because fewer people are smoking cigarettes. Sales are shrinking, and since the settlement amounts are tied to those sales, states are seeing about a 4.5 percent decrease in payments each year.
"The number of people smoking has been decreasing by 4 to 5 percent yearly for a decade now," said Jim Estes, a professor of finance at California State University, San Bernardino. "The feeling is a lot of the tobacco bonds that were issued will basically have no money to sustain them after 2026, 2024 — depends on the stat you're looking at."
In the meantime, Estes said, some regions have begun taxing vaping and e-cigarettes as a way to raise revenue. "
So there it is... "We got fucked playing the market with money that we did not yet have, money meant for programs to keep children off cigarettes. That hasn't worked out for us so fuck the smokers fuck your health and fuck the ANTIDOTE to smoking we are going to tax that to repay our bad stock market investments from the late 90's"
They SAID what we have all known since they decided to tax the antidote so much that lower middle class to poor smokers can not afford it.
QUIT OR DIE, NAH FUCK IT, JUST DIE!!!! - 5150
