Colorado Gets Ready To Vote On Marijuana Once Again
Colorado voters will again be heading to the polls next week to decide many issues. One of those issues will be deciding how marijuana will be taxed.It’s clear that the voters have already spoken up when they passed Amendment 64 which allows the use of marijuana on a recreational basis. No different than alcohol at this point, but one of the issues is how should it be taxed and at what rate.
Let’s make no mistake about it. This will the largest tax windfall in Colorado history and will generate more money than just about everything else. Even those who think marijuana should still be illegal will benefit from the tax windfall.
The strong growth in income tax collections are considerably attributable to the behavioral responses of the highest income taxpayers,” states a report from the Rockefeller Institute of Government. What states want are reliable revenue streams. Marijuana could, perhaps, provide that. States like Colorado and Washington, where the drug is legal at a recreational level, are testing the framework to see if such a thing is possible – Wall Street Journal
There are only two states who have voted on “recreational use” of marijuana: Washington and Colorado. Washington has already voted to tax marijuana sales at 25% but Colorado is set to outdo them by voting on 40% taxation that will be used to construct schools etc. and a 10% sales tax that will be used to enforce the new law.
Times are changing and Washington D.C. is watching very closely as talks have already began including serious talk about how this Marijuana tax windfall could help or save many states. In other words, many who voted “no” originally are now on the band wagon and think many State governments will start to look more closely at cashing in on the windfall.
I have no problem stating that I have already sent in my mail in ballot and voted “yes” on the issue even though I think it’s ridiculous we don’t treat and tax marijuana just like we do alcohol…a DRUG! Alcohol is the most deadly substance known to mankind and kills 100’s of thousands every year, yet we keep it legal and just keep making more death. Alcohol and cigarettes are not taxed that high (no pun intended) so why should marijuana, a naturally growing plant, be taxed at extreme rates. To me, when you think about this with an open mind and do some research, this all just fall under common sense.
We aren’t living in the 70’s anymore…enough is enough. Let’s move on and deal with more deadly issues; like making alcohol and cigarettes illegal!