Pot surpasses alcohol tax revenue in Colorado
The first numbers are in, and they point to a resounding success: the state of Colorado’s Department of Revenue announced that legal marijuana pulled in some $70 million in taxes last year- nearly double the amount made from alcohol taxes ($42 million)!
On Wednesday, September 16, the state celebrated its new, “higher” source of income by suspending marijuana taxes for one day.
The marijuana legalization experiments underway in Colorado, Oregon, Alaska, and Washington have attracted a lot of attention around the country as test sites for the effects of legalization and exploring pot’s potential as a source of tax revenue.
The tax break is occurring as a result of Colorado underestimated general state tax collections final yr. Beneath the state structure, the accounting error triggers an automated suspension of any new taxes – on this case, the leisure marijuana taxes voters authorised in 2013.
The Associated Press reported...
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