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 75 percent of the revenue from such tax shall be transferred to the Federal Hospital Insurance Trust Fund.

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 75 percent of the revenues raised by such tax to the Federal Hospital Insurance Trust Fund (Medicare).