I find it comical to see on Gov. Andrew Cuomo’s Website how he encourages people to start up a new business in New York, yet he won’t help those who are in business already.
New York cigar retailers face a whopping 75 percent tax on the wholesale cost of cigars. As a retailer, I will pay $100 for a box of cigars from my vendor. Add the $75 tax and that brings the cost to $175. Add a 20 percent markup and the retail cost of that box of cigars is now $210.
via Cigar retailers are hurting – Times Union.
Popularity: 2% [?]
{ 2 comments… read them below or add one }
First, retailers aren’t facing a 75% tax. the tax is in place for over a year now.
second, you math is wrong. retailers keystone product.
a box that wholesales for 100.00 sells for 200.00 in non tobacco tax states.
in New York, it’s 275-
100 box keystoned is 200
100 box tax in new york is 75
200+75. = 275
I didn’t do the math, it is from the article. She says she’s only marking up 20%, I don’t believe my local retailers do 100% mark up from wholesale.