A pack of cigarettes cost just 25 cents in the 1950s. At a time when the general public was not aware of the harms of smoking, cigarettes were cheap and widely popular.
Since 1965, the adult smoking rate has fallen from 42% to 15%. Despite the decline, smoking is the leading cause of preventable death in the United States, accounting for nearly half a million deaths each year.
Following the Surgeon General’s landmark 1964 report on smoking and health, governments employed many strategies to reduce the smoking rate. While warning labels on packaging, anti-smoking media campaigns, and health education in schools play an important role in promoting a smoke-free lifestyle, the most effective method to reducing cigarette consumption has been increasing the retail price of a pack of cigarettes by raising taxes.
The average cost of a pack of cigarettes, including all taxes, in the United States today is $6.16. Of this, excise taxes amount to $2.70 — $1.01 in federal cigarette tax and $1.69 in state cigarette tax on average. In some areas like New York City, high local taxes drive the price of cigarettes to over $10 per pack.
To highlight how the price of cigarettes has changed over time, 24/7 Wall St. reviewed the average price per pack since 1954.
Sponsored: Tips for Investing
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.