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Home 🌿 Recreational Marijuana News 🌿 Aussi Parliamentary Budget Office Report Estimates First Yr Cannabis Tax Revenue at $650 million 🌿Aussi Parliamentary Budget Office Report Estimates First Yr Cannabis Tax Revenue at $650 million
If you need an economic argument for legalising marijuana in Australia, here it is: millions of tax dollars.
The Parliamentary Budget Office (PBO) has released an estimate of how much the government could raise if a 10% goods and services tax (GST) was hypothetically placed on legalised household consumption of marijuana, and after federal law enforcement stopped going after marijuana related-crime.
If all marijuana, cannabis and hemp consumption, cultivation and trade was legalised starting July 2017, the PBO said GST revenue would increase by around $650 million in the fiscal year 2015-16 budget forward estimates period, which runs through 2018-19. The expenses of the Australian Federal Police and Australian Border Force would also be reduced, among other agencies.
The estimate was worked out at the request of New South Wales' Sen. David Leyonhjelm, who has stated that marijuana should be legal, particularly for medical conditions and pain relief....
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