The San Francisco Weekly Blog reports that Assemblyman (whatever the hell that is) Tom Ammiano will introduce legislation on Monday to try and legalize and tax marijuana in California in an attempt to earn around $1 billion a year for the state. The idea is to make cultivation, sale and use of marijuana legal if you’re over 21, and set a tax of around $50US per ounce on it’s sale. It’s an interesting idea!
The legalization of recreational marijuana was a midterm election issue in five states (North Dakota, South Dakota, Missouri, Arkansas, and Maryland). While the other states did not, Missouri and Maryland approved the selling of recreational cannabis. When the scheme is fully functioning, the Tax Foundation estimates that Missouri will receive close to $120 million in tax revenue and Maryland would get more than $135 million for which you will like to generate form w-2 to keep with taxes.
State budgets have benefited from the legalization of cannabis products, with states reporting a combined total of $10.4 billion in tax revenue from cannabis sales as of the end of 2021, excluding any income from the sale of medicinal marijuana. Millions have also been made in nearby towns and cities with burgeoning marijuana industries.
Read the whole article:
Legalize It: Ammiano to Introduce Legislation Monday to Allow Pot — and Tax It
