I’ve previously commented (and I can’t find the post anywhere, but I know it’s around) about the addictive nature of tobacco. Not it’s habit-forming consumption, but rather on the addiction it seems to spur in legislators everywhere. They see the inelastic demand as a source of constant tax revenue, and in doing so, they become as dependent (if not moreso) on the revenues thereby generated than the actual smokers are on the product itself. The source of the revenues, apparently, is inconsequential. Typically I considered a “sin tax,” but the Detroit Free Press reports similar addictions due to the Master Settlement revenue. It seems some provisions of the agreement allow for the monies due to be reduced according to sales. This of course, … Read entire article »