If passed by the California electorate Nov. 7, Proposition 86 would almost quadruple the current tax on cigarettes to $3.47 a pack and would stand as perhaps the most ill-conceived tax increase of all time, although, to be fair, there's a lot of competition for that distinction.
The "Tobacco Tax Act of 2006" is a creation of California's hospital industry, which wrote the initiative in such a way that it will receive about 40 percent of the $2.1 billion a year the higher tax is expected to generate. Whether that figure is realistic is a point we will get to a little later.