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…showed last 75 words of 1562 total…remains much room to raise tobacco taxes Because tobacco taxes are not indexed to keep up with inflation, federal and state tobacco taxes fell from 50% of the retail price of cigarettes in 1964, to just over 30% in 1995. Low tobacco taxes have resulted in a financial bonanza for the tobacco industry, which has taken advantage of declining tax rates to boost profits on cigarettes. Total industry profits have skyrocketed from $2.7 billion in 1981 to $6.7 billion in 1984. ------------------------------------------------------------------------ **Bibliography**