The United States Surgeon General has labeled smoking the most important preventable cause of death in our society. Most adult smokers became addicted when they were teenagers, so preventing teenage smoking should substantially reduce the adult smoking population over time. Currently more than 4 million teenagers smoke. Several studies based on surveys conducted in the late 1960's and the 1970's estimated the price responsiveness of teenagers' smoking behavior. Analysis of these studies suggests that an increase in excise taxes by 20 cents per pack in 1989 would result in 500,000 fewer smokers and 125,000 fewer premature deaths. Figures, footnotes, and appended analyses of past studies.