2013: Colorado Voters Approve Tax On Marijuana
Geege Schuman stashed this in Marijuana
Stashed in: Marijuana
Voters decided to apply a fairly steep tax on legal pot, and that the money will be used to pay for new school construction. The taxes include a 10% state tax that retailers must pay as a premium beyond the 2.9% standard state tax, and there’s also a 15% tax retailers have to pay to suppliers. All in, it’s a nearly 28% tax imposed on pot.
Which seems steep, but the money will go to good use: The first $40 million in revenue will go to new school construction according to BuzzFeed, and remaining revenue will go to implementing marijuana regulation itself. The state estimates that $3.5 million will be needed to upgrade its computer systems to handle the pot regulation infrastructure. But after that, I the possibilities for new revenue are sky high.
And this isn’t even mentioning the savings in law enforcement spending Colorado will realize by not arresting and prosecuting pot crimes.
I like the concept of a marijuana tax whose revenues go to school construction.