May 16, 2016

Pot sales could bring in $28 billion in tax revenue

Washington Post

 The federal government and most states are throwing away $28 billion in yearly tax revenue by not legalizing marijuana, according to a new analysis from the Tax Foundation, an independent think tank.

The bulk of that revenue -- $20.5 billion of it -- would accrue to states through the collection of excise taxes on marijuana sales, general sales taxes, and income and payroll taxes levied on workers and businesses in a mature legal marijuana industry.

The federal government would take in another $7.5 billion, primarily from income and payroll taxes, and $500 million in excise taxes if marijuana were to be taxed the same way tobacco is.


Pete Gordon said...

In this calculation, where is the cost of the war on the user? If you have not allowed for that, the number is very short. There are also heavy costs carried by the victims, who are ruined financially, their families thrown into poverty, and if they ever get out of jail, there will be few jobs open to them. Then of course when the man is so ruined and in his old age lives in poverty, add to the calculation the tax revenue you would have made on their lifetime of work.

MAMADOC said...

I agree with Pete Gordon and further have to say that the gov't --any gov's-- right to tax essentials such as our most sacred power plants and economically beneficient crops should be sonorously rejected... it amounts to turning sacred goods into commodities... This is a freedom of religion matter, ultimately!