Broke states praying pot tax will lift them out of financial ruin
Politicians are quick to jump on the “legalize marijuana” bandwagon when they see tax-dollar signs flashing. Suddenly, politicos from Colorado to California are angling to spin dime bags into tax dollars to heal their broken economies. Colorado lawmakers estimate that a weed tax could add as much as a $100 million to their coffers, while California pro-pot campaigners reckon they’d see $1.2 billion. But Harvard economics prof and pro-legalization pundit Jeffrey Miron says, “This is not a cash cow that can solve anyone’s fiscal problems,” proffering the sad notion that these figures are probably overblown and more likely to bring in $2.1 billion total in state taxes nationwide. Which (and correct us if we’re wrong) still sounds like significant cheddar.