Deutsche Bank: NYC One Of The Worst Places In The World For Drinking
New York City is the fourth most expensive city in the world to enjoy a beer and a cigarette, according to Deutsche Bank’s annual Sin Index.
The banking giant’s report found two packs of smokes and five beers in the Big Apple will set you back a hefty $63, making it the fourth most expensive on the planet for booze and tobacco.
With a state excise tax of $4.35 and a city-wide tax of $1.50 per pack, it’s little wonder NYC is in the midst of a black market boom for cigarettes. (RELATED: New York Loses $400 Million After Imposing The Nation’s Highest Cigarette Tax)
The three cities more expensive than New York are Auckland, Singapore, and Melbourne while London was only marginally cheaper despite raising the cost of cigarettes and beer by seven percent in 2015.
The capital of the Philippines – Manila – was the cheapest city on the globe to be a drinker and a smoker, costing just $11.60 for two packs of cigarettes and five pints of beer.
But if you’re heading to Europe and want to enjoy cheap beer, liberal smoking, and vaping rules the Czech Republic is the place for you, according to the Institute of Economic Affairs.
The Czech Republic is the freest country in Europe when it comes to choices people can make about what, where and when they consume their favorite vices, according to an IEA report released April. (RELATED: Best Countries In Europe For Drinkers, Smokers And Vapers)
The IEA judges different policies based relating to consumer freedom and scores them accordingly. These policies include raising prices, stigmatizing consumers, restricting choice, inconveniencing consumers, advertising bans and reducing product quality.
These measures all hurt a country’s score on the index. Thanks to taxes on candy, soda, alcohol and tobacco, an outright ban on e-cigarettes and happy hours, Finland has the dubious honor of the being the biggest nanny state in Europe. The UK ranks third due to its exorbitantly high taxes on alcohol and cigarettes.
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