Texas Ranks as a Leading State for Collecting Sin Taxes
All of the drinking and smoking indiscretions of Texans have become a multi-billion dollar business, as a recent report indicates that the state’s sin tax revenue has risen over 107 percent within the last decade.
According to Bloomberg, while Texas takes pride in low personal income tax and overall tax rates, taxes on alcohol by itself generated about $930 million in revenue in 2012 – that’s 42 percent more than in 2011.
Another $1.5 billion was made from cigarette and tobacco taxes, which interestingly enough, was about 9 percent less than in 2011.
So, drink up Texas and smoke if you got em’ – your addictions fund things like education and health care. That means those dirty habits of ours can’t be that bad, right?