Tobacco Tax Equity Act of 2023

This bill increases excise taxes on multiple tobacco products to create tax parity, meaning previously lower-taxed products will now face rates similar to cigarettes. It doubles the tax on roll-your-own tobacco ($24.78 to $49.56 per pound), sets pipe tobacco at $49.56 (up from $2.83), and significantly raises smokeless tobacco rates (e.g., from $1.51 to $26.84 per unit). The bill also imposes a new tax on nicotine for vaping products ($100.66 per 1,810 milligrams) and adds an inflation adjustment mechanism for future tax rates. These changes directly affect manufacturers and importers of tobacco products and nicotine, altering their tax liabilities under the Internal Revenue Code.