Negative Economic Impacts of Omnibus Synthetic Nicotine Language – STATE BY STATE
NEGATIVE ECONOMIC IMPACTS OF THE
PROPOSED SYNTHETIC NICOTINE LANGUAGE
IN THE FEDERAL OMNIBUS BILL
This morning it was revealed that Congressional leaders are planning to include language in the federal Omnibus spending legislation that would effectively ban synthetic nicotine. This would occur because the proposed bill would impose a Pre-Market Tobacco Application (PMTA) filing deadline of just 90 days after passage for any product containing synthetic nicotine. Everyone who understands anything about PMTAs knows that no such application can be filed within that short timeframe, particularly because FDA requires at least 6 months of scientific data for such an application.
Our economist, John Dunham & Associates, evaluated the negative economic impacts that this legislation would reap for the U.S. and for each state. Here are the findings for the United States:
LOST JOBS: 16,100
LOST WAGES: $ 802,216,700
LOST ECONOMIC OUTPUT: $ 2.5 billion
LOST FEDERAL & STATE TAXES: $328,188,500
LOST CONSUMPTION TAXES: $198,930,000
TOTAL LOST TAXES: $527,118,500
You can find the details on the negative impact on the U.S. economy here.
Also, you can find the negative impact on YOUR state below.
STATE BY STATE BREAKDOWN OF LOST JOBS, WAGES, TAXES AND ECONOMIC OUTPUT