Marijuana Could Be the New Sin-Tax Gusher
Is marijuana the new sin-tax gusher for the states? It sure looks that way.
In November, voters in five states will decide on whether to allow recreational use of the drug, while citizens in four other states have the option of legalizing medical marijuana.
Unlike the fierce battles of the past over decriminalization, resistance by governors, law-enforcement groups and state medical associations is down (though not entirely gone). The ability to collect mountains of new taxes could be a reason, judging from the experience of Colorado, where voters approved medical marijuana in 2000 and legalized its recreational use in 2012.
For the fiscal year ending June 30, Colorado collected $157 million in marijuana taxes, licenses and fees, up 53 percent from a year earlier and almost four times what it has collected in alcohol excise taxes this year. Thanks to marijuana smokers, Colorado's public schools will receive $42...
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