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Projected Revenues From Marijuana Tax.

sheltercrow posted on Nov 30, 2009 | views: 23 | Tags: Marijuana Tax

Projected Revenues From Marijuana Tax

There has been much commentary on the revenue that could be raised by legalizing and taxing marijuana:

CNN has published a 50-state ranking of the potential tax revenues that could be raised by legalizing and taxing marijuana, based on state-by-state marijuana consumption, from Jeffrey Miron (Harvard University, Department of Economics), Budgetary Implications of Marijuana Prohibition. The study projects $778.2 million from taxing marijuana; here are the Top 20 states:

  1. California ($105.4 million)
  2. New York ($65.5 million)
  3. Florida ($48.2 million)
  4. Texas ($46.6 million)
  5. Ohio ($34.8 million)
  6. Michigan ($32.4 million)
  7. Illinois ($31.6 million)
  8. Pennsylvania ($30.5 million)
  9. Washington ($22.0 million)
  10. Virginia ($20.9 million)
  11. North Carolina ($20.6 million)
  12. Georgia ($19.3 million)
  13. New Jersey ($19.3 million)
  14. Massachusetts ($18.4 million)
  15. Indiana ($17.8 million)
  16. Colorado ($17.6 million)
  17. Missouri ($15.6 million)
  18. Minnesota ($14.3 million)
  19. Oregon ($14.1 million)
  20. Maryland ($13.9 million)

(Hat Tip: The Tax Lawyer's Blog.)


Source: TaxProf Blog



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Comments

  • curmudgeon said on Dec 01, 2009....
    Nah. Once it's legal people can grow their own. People who grow their own will have so much to spare they can just give it away. No sales transactions to tax, and unless the Fourth Amendment is revoked, there is little way the government is going to be able to tax what is grown, because no one will report it.

    This is just a pipe dream forwarded by potheads.

    I don't oppose legalization, but quit arguing this bullshit that the government will benefit. If anything, government will lose revenue because a growth in the number of potheads will decrease national productivity.

    It probably will stimulate the junk-food, movie and porn industries, though, with ancillary increases in Kleenex or paper towel sales.

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