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Calif tax officials: Legal pot would rake in $1.4B
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SAN FRANCISCO (AP) - California tax officials say a state proposal to tax and regulate marijuana like alcohol would generate nearly $1.4 billion in revenue.
A State Board of Equalization report released Wednesday estimates marijuana retail sales would bring $990 million from a $50-per-ounce fee and $392 million in sales taxes.
The bill introduced by San Francisco Democratic Assemblyman Tom Ammiano in February would allow adults to legally possess, grow and sell marijuana.
Ammiano has promoted the bill as a way to help bridge the state's $26.3 billion budget shortfall.
As the bill is written, the state could not begin collecting taxes under the bill until the federal government legalizes marijuana.
A spokesman says Ammiano plans to amend the bill to remove that provision.
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Meaning, they'll do this soon and screw the Feds. Hell, I'm all for that sentiment, but I'm thinking the courts will shut this down. (hoping I'm wrong, hoping I'm wrong, hoping I'm wrong...)But NONE of the deep thinkers in Sacrademento have thought of the boost to the economy via drinks, munchies, EZ-Wider and ZIG-ZIG papers, pipes, bongs, there's an entire thought patter they've ignored.
21 comments:
"As the bill is written, the state could not begin collecting taxes under the bill until the federal government legalizes marijuana."
so the dopers get legal pot while the state absorbs the cost of regulating it until the feds make it legal...who thought up this budget saving idea???
A $50. per oz. fee (and) a sales tax? Something tells me that lots of heads out there in Mexifornia will just keep doin what they're doin right now. Besides, by the time they get congress to repeal that law, (assuming the will is there) and get through years of court challenges, they'll all be dead.
Well, well, well, they finally figured out a way to get all the pot-heads out of California.
Blue,
NO, go read it again, they'll start legalizing and taxing it BEFORE the feds legally allow it.
Sounds like a States Rights issue to me.
Spider,
once it's legal, supply will go up and drive the price down. And articles a few weeks ago said a lid was going for $200 to $300. If supply goes up, price gets cut, it could ultimately mean cheaper buzzes in the Golden State even with fees and taxes.
Being stoned 24 / 7 is the only way I'd live out there.
Schteveo I read it again and here is what it said. . . Seems to me that Blue had it right.
As the bill is written, the state could not begin collecting taxes under the bill until the federal government legalizes marijuana.
i remember, in CA in 1073 paying $10-15 for a lid and 200-300 for a key.
damn inflation
You remember 1073???
Dude - you are OLD!
Of course I do
WTF, I read it wrong, not bad though, I made it to July without making a mistake.
In or abouts 1971, I, uh..a friend of mine, bought quarters for $60, then I'd...uh, my friend would split it up, sell 3 for $20 bucks each, and mine...uh, his would be free. Pounds yielded much more for free, but was a much bigger risk, for ...uh, my friend.
It wasn't worth the jail time. A couple of O-Zs was not great, but believable for personal use, pounds were a little harder to deal with and define as personal use.
Schteveo it is alright, even I can make a mistake. I thought I was wrong once but I was mistaken.
I remember paying $10-15 a lid for pot in 1977-ish. WOW. Say it backwards...
WTF?
I conquered Engalnd in 1066, remembers steves....whatever 7 years later.... and what I accomplished is chopped liver?
Eateth of my nads!
Why is it that I'm getting the munchies?
(somebodies banging on my door)
WHAT?! NO, Dave ain't here man!!
"Buy Frito-Lays stocks!!!"
Great advice!
The $$ they quote for an ounce in Sinny CA is for good quality Humbolt County Bud - the type stuff that smells like a skunk even through the baggie - you can smell it 30 yards away even when it's unlit.
Steve's friend told me that.
In Texas now it's about $65 for the average oz - which, by the way, is about 4X better than what they paid $10 for in 1973.
Again... Steve's friend told me that, too.
Other than what Steve's friend told me - I know absolutely nothing about this subject.
I should just shut up.
So, ummm... you think Israel will blow Iran off the map before Labor Day?
Guess who mooned your President and his motorcade on the FDR last night?
You're all under arrest! Oh, and um,... i'll hold the "evidence".
Was it Hillary Clinton shootin' the moon as the motorcade passed the U.N.?
Actually, it was not only my personal pleasure, but my duty. And yes, I actually did do this, not to pass up such an opportunity to show how much I appreciate all the good this administration is doing to me and those who are real Americans.
And to Spider, those folks may be arrested for what they (did't) do all those years ago, but I'm surprised I wasn't shot, or at least paid a visit (yet) for what I did last night. LONG LIVE the FIRST AMENDMENT!
Way to go SRK! I'm surprised you weren't at least paid a visit (yet) for that!
No, no vist, but his phones now glow at night.
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