Law & Health Weekly
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Council of Independent Tobacco Manufacturers of America
SCHIP Tax Increases Spurs Profiteering by Philip Morris and Other Big Tobacco Companies Says CITMA
April 18th, 2009
Philip Morris USA, a unit of Altria Group, Inc., announced in early March that it would raise tobacco prices yet again. Philip Morris claimed that the price increase was necessary to address floor stock taxes brought about by the Federal Excise Tax (State Children's Health Insurance Program - SCHIP) legislation passed in February 2009. In fact, Philip Morris's price rise was three weeks ahead of the SCHIP tax increase. "This is just big companies using their market power to drive up their profits at the expense of adult consumers," said Kevin Altman, a representative of the Council of Independent Tobacco Manufacturers of America (CITMA). This pricing pattern is...
Source: Law & Health Weekly (2009-04-18)
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