From Free Republic
Barely two weeks in office, President Barack Hussein Obama will raise taxes this afternoon with his signature on the SCHIP bill scheduled to pass the House of Representatives today.
The reauthorization of the State Children's Health Insurance Program includes massive tax increases on cigarettes, cigars and other tobacco products. Similar bills were vetoed twice by President George W. Bush in part because of the tax increases. Democrats in the House and Senate have voted overwhelmingly for the tax increases each time the bill was proposed and were joined by a handful of Republicans.
The bill Obama will sign today raises the federal tax on a pack of cigarettes by 62 cents (or $6.20 per carton) bringing the federal tax to $1.01 per pack.
Senate Majority Leader Harry Reid (D-NV) was quoted by the AP as saying of the bill signing, ""It's going to be a happy day for America."
A Heritage Foundation analysis of the bill reported that even with the massive tax increases, 22 million new smokers will be needed to pay for the expansion of SCHIP.