03/28/2013 // West Palm Beach , Florida, US // JusticeNewsFlash // Justice News Flash // (press release)
Colorado – States like Colorado, which has legalized marijuana for recreational use, may consider a tax on the drug to bring in more revenue. As reported by UPI, some marijuana legalization advocates and lawmakers are now suggesting that there may be financial benefit for state budgets with taxing marijuana. Others, however, say the assertion is an overstatement.
Rep. Jared Polis, D-Colo, who is purportedly advocating for the federal legalization of marijuana, is quoted in the report as stating of income projections for a marijuana tax, “I’ve seen some estimates in the high tens of millions, as much as $100 million for” Colorado.
Harvard economics professor Jeffrey Miron, who is a pro-legalization scholar, is further quoted as giving a more skeptical view, “This is not a cash cow that can solve anyone’s fiscal problems…There is a lot of exaggeration about how big the revenue can be.”
No state, however, has yet to officially introduce a marijuana tax.
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