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AP IMPACT: Tobacco execs quickly find tax loophole
Quick ReadAP IMPACT: Tobacco companies quickly find tax loophole in child health bill, saving millions
WASHINGTON (AP) — When President Barack Obama signed a law expanding children's health insurance this spring, he slapped tobacco companies with huge tax increases to pay for it.
It didn't take long for the companies to find a multimillion-dollar loophole.
As soon as the new law took effect, raising taxes on roll-your-own cigarettes from $1.10 to $24.78 a pound, companies adapted. They...
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