States losing billions in tax revenue by not legalizing marijuana: report
Legalizing marijuana retail across the board would yield about $28 billion in tax revenue, according to a recently released report by the Tax Foundation -- which is described as an independent think tank.
The analysis is based on the assumption that a "mature marijuana industry" would be valued at about $45 billion.
That number is derived from exceeded retail sales projections of marijuana in Washington State and Colorado, which legalized the industry in 2012.
The key findings of the report:
A mature marijuana industry could generate up to $28 billion in tax revenues for federal, state, and local governments, including $7 billion in federal revenue: $5.5 billion from business taxes and $1.5 billion from income and payroll taxes.
A federal tax of $23 per pound of product, similar to the federal tax on tobacco, could generate $500 million per year. Alternatively, a 10 percent sales surtax could
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