New Jersey State Senator Joseph Vitale has submitted S.B. No. 4820 that would raise the tax on premium cigars from the current rate of 30% to a regressive and uncompetitive rate of 50% (of the wholesale price.) This would have a devastating effect on the small business community tobacconists of New Jersey, hurting consumers, businesses, and jobs.
A 20% tax increase would significantly raise the cost of premium cigars for consumers, leading to fewer sales and greater financial strain on cigar shops, small businesses, and the state. New Jersey cigar retailers, importers, and distributors would be hit hard, putting jobs at risk and discouraging investment in the state. This bill targets premium cigars, which are often handcrafted, small-batch products. Taxing these products at exorbitant rates is not only unfair but also disproportionate compared to other goods in the state.
If you live in New Jersey or care enough to help your fellow cigar friends, visit the Premium Cigar Association here for more.
