The independent Wall Street analysts said they believed it would happen at $3 to $3.50 a pack. Mr. Myers, representing Tobacco-Free-Kids, testified before our committee that he believed you could take an additional $2 on a pack before it would develop a black market. But the figures for California really, if the tax passes in June, indicate that the tax in this bill, plus that tax, would be substantially above $5 within 5 years.
Discussing the potential impact of tobacco tax increases during a committee hearing.
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