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With an annual turnover of almost $400 billion U S dollars, the tobacco industry has been a prevalent part of the economic landscape in America for many years (Capehart, 2003). Tobacco is unique because the United States is both a huge tobacco producer and consuming country. This scenario has had its benefits and currently presents obstacles for the tobacco industry. Macroeconomic factors provide insight into how the tobacco industry is faring in a new global economy.
Tobacco products have increased at a lower rate than inflation in recent years, resulting in a rise in the sales of tobacco products. Tobacco products are taxed using two forms of taxation. Specific or excise tax is a fixed amount added to the price of the tobacco product and ad valorem, also know as value added tax, is a percentage of the base price of the tobacco product. Most countries use a combination of excise and value added taxes in order to keep up with inflation. Taxation such as this also helps to control......

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Approximate Word Count: 848
Approximate Pages: 4 (250 words per double-spaced page)

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