When President Obama got asked whether the US should consider legalizing marijuana in order to help the economy recently, a number of us laughed. But with California issuing IOUs to debtors, it's not so funny anymore. The California tax board, analyzing proposed legislation to legalize pot in that state, says the state could make $1.4 billion a year off the sales. So what do you think about legalizing pot in California or nationwide? To each his own, a necessary step in dire times, or a good thing gone too far?
California could see a nearly $1.4 billion per year increase in state revenues were it to legalize marijuana, the state Board of Equalization says in an analysis of pending legislation to to do that.
The bill (Assembly Bill 390) by Assemblyman Tom Ammiano, D-San Francisco, is still awaiting its first committee hearing and is likely not to be considered until next year. It would impose not only sales taxes but a $50 per ounce fee on marijuana sales, which would be licensed by the state much as alcoholic beverages are regulated.
Main & gay blog