Specifically, the rise in black markets and illicit trade. So, the last time you were on this podcast, you talked about the importance of tax design today I was hoping we could discuss the consequences of taxes. But for now, we’ll just focus on the taxes. Kyle Hulehan: Yeah, you’re going to be shoveling snow soon. It’s a great day and I’m really excited to talk about taxes and illicit trade today. I live in Wisconsin, and I absolutely love it this time of year. Adam, how are you?Īdam Hoffer: Oh, hi Kyle. So, this is going to be a fun episode, and I’ll start by just lobbing you a softball. I get to just chat with coworkers who I might not get to talk to as much and learn from them. This is actually one of my favorite parts of the job. Adam, I’m excited to have you here today. I’m still your host, Kyle Hulehan, and today we are joined by Adam Hoffer, our Director of Excise Tax Policy. Kyle Hulehan: Hello and welcome to The Deduction, a Tax Foundation podcast. We’ll explore the toll this underground economy takes on public health and government coffers, and see if there are solutions to these problems through better excise tax policy. A world where smugglers, counterfeiters, and black-market moguls have turned an age-old industry into a complex global operation, all over a product you might see every day, cigarettes. Today, we’re diving into the shadows, where billions of dollars change hands every year, all under the cloak of smoke and mirrors. There’s a prohibition you don’t know about. Links:Ĭastbox Stitcher Amazon Music RSS Feed Transcript They unravel the unintended consequences of cigarette taxation and explore strategies to combat this burgeoning illicit trade. Policy, joins Kyle Hulehan to shed light on how substantial price markups on legal cigarettes pave the way for tempting tax avoidance opportunities. Excise taxes are commonly levied on cigarettes, alcoholic beverages, soda, gasoline, insurance premiums, amusement activities, and betting, and typically make up a relatively small and volatile portion of state and local and, to a lesser extent, federal tax collections. Step into the shadows of illicit trade where tax A tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.Ītion, incentives, and criminal networks intersect to fuel the lucrative cigarette smuggling market.Īdam Hoffer, Director of Excise Tax An excise tax is a tax imposed on a specific good or activity.
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