Legalize Marijuana + $7 Tax = $218.8 Billion in Taxes & Fixes the Economy
It is a little difficult to estimate exactly how much money would be generated from taxes on legalized marijuana (10x higher than cigarette taxes). But based on $437.6 million in new revenue for Ohio for a $0.70 tax increase on cigarettes we can make the below estimation:
$7.00 tax on legalized Marijuana Sales creates $4.376 billion for Ohio.
Just for fun let’s multiply by 50 states and that is $218.8 Billion generated each year in legalized marijuana taxation based on $7.00 per legal unit of sale.
source: http://www.tobaccofreekids.org/research/factsheets/pdf/0098.pdf
Amen. Its sad that a blind eye can be turned to such a harmless thing.
Amen. Not to mention the amount of police officers they would be able to take off the ‘war of drugs.’ It seems, at least in my own opinion that most of society is ill informed. The government instead of regulating pot use is taking the easy way out and banning it all together. Its interesting to hear the taxation could generate so much tax revenue.
That’s a lot of money from something that is taboo in the society for so long. But you got a point there. Maryjane has been around even before most of its users are born. Who knows? Marijuana users could be more than cigarette smokers…