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Our guidance is prudent and appropriately cautious for what is likely to be a challenging year for all companies. Citi analyst Adam Spielman said that expectation telegraphs that Altria expects to increase its prices at Philip Morris USA sufficiently to offset the volume declines that will follow the increase in the federal excise tax expected April 1, and probably increase in state excise taxes. The Senate is considering a 61 cent per pack increase in the federal tax on cigarettes, according to the Campaign for Tobacco-Free Kids

On December 2, 1993, Escobar phoned his family in Bogot, Colombia, and stayed on the line long enough to allow U.S

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The takeaway for policy makers: make taxes more visible to consumers