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Obama proposes 94-cent cigarette tax hike

WASHINGTON (AP) — President Barack Obama's budget plan would increase taxes by $1 trillion over the next decade, including a new tax on cigarettes…

By Stephen Ohlemacher | Updated on April 11, 2013

WASHINGTON (AP) — President Barack Obama’s budget plan would increase taxes by $1 trillion over the next decade, including a new tax on cigarettes and familiar proposals to increases taxes on the wealthy and some corporations.

The president said his plan includes $580 billion in tax increases to help reduce government borrowing. But the tax hikes don’t stop there. Obama’s budget proposal would also impose an additional $400 billion in tax increases. Much of it would be used to pay for more spending.

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