A bill to amend the Internal Revenue Code of 1954 to increase to 32 cents per pack the Federal excise tax on cigarettes and to provide that the revenues from the additional tax shall be deposited in the Federal Hospital Insurance Trust Fund under the Social Security Act.

Amends the Internal Revenue Code to increase the excise tax on cigarettes from: (1) $8 to $16 for small cigarettes; and (2) $16.80 to $33.60 for large cigarettes. Imposes a floor stock excise tax on small and large cigarettes.

Appropriates revenues raised by such additional taxes to the Federal Hospital Insurance Trust Fund (Medicare).