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The increase comes alongside a 75 percent increase to the cigarette tax rate, which jumps from $2 per pack to $3.50

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The tax on cigarettes is $1.25 per pack of 20 cigarettes plus county rates and 17% of the wholesale price on other tobacco products

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"CVS only sold a very small percentage of the nation's cigarettes to start with, and financial analysts have said the impact of CVS' move wouldn't have a major impact on smoking rates," says Jeff Stier, a senior fellow at the National Center for Public Policy Research