Thanks to you and several others that point to the possibility that smokers will act to keep their nicotine intake at their comfort level, generating higher taxes.
I feel silly for not thinking of that. But, if they really mean “reduce to non-addictive level” rather than some gradual adulteration/reduction schedule, there’s going to be a major black market in cigarettes and especially nicotine.
So, nicotine itself would have to be restricted, or possibly just taxed heavily like alcohol.