Marijuana legalization could bring in $28 billion nationwide
Legalizing marijuana nationally would have a huge positive economic impact.
Click here for reuse options!That conclusion is based on a new report by the Tax Foundation. The analysis found that each year a “mature marijuana industry could generate up to $28 billion in tax revenues for federal, state, and local governments, including $7 billion in federal revenue: $5.5 billion from business taxes and $1.5 billion from income and payroll taxes.”
What if the federal government imposed extra taxes on marijuana sales? The Tax Foundation found, “A federal tax of $23 per pound of product, similar to the federal tax on tobacco, could generate $500 million per year. Alternatively, a 10 percent sales surtax could generate $5.3 billion per year, with higher tax rates collecting proportionately more.”
Copyright 2016 Liberaland
8 responses to Marijuana legalization could bring in $28 billion nationwide
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Mike May 14th, 2016 at 11:47
Add the savings from less arrests, trials, and incarcerations and you get more like $100B
bpollen May 14th, 2016 at 16:35
Nearly half of all prisoners are non-violent drug offenders. About half of those are for pot. You’d save somewhere near $17 billion on prison costs alone. But that would cut into private prison profit margins, so don’t expect it any time soon.,
Mike May 14th, 2016 at 17:33
Don’t you worry, we’ll just declare war on something else.
We”ll never run out of reasons to arrest people
oldfart May 14th, 2016 at 14:04
Cut the DEA in half, another 100 billion saved.
Um Cara May 14th, 2016 at 14:48
Someone please tell Hillary that the war on marijuana users jas been lost, so she might as well get some tax dollars by not ruining more people’s lives.
William May 14th, 2016 at 14:49
Typical left wing logic. Completely ignores the health hazards with the pot.
StoneyCurtisll May 14th, 2016 at 17:20
Thats like comparing oranges to….
amersham46 May 14th, 2016 at 21:14
Not to be confused with the health hazards of tobacco or alcohol