Politics & Government
Bringing in the Green: Projected Tax Revenue if Marijuana Legislation Passes
Turbo Tax has created an interactive comparison of projected tax revenues should marijuana decriminalization/legalization laws pass, such as I-502 in Washington.
Today, the states of Washington, Colorado, and Oregon take decriminalization of non-medicinal marijuana to vote.
The state initiatives in these four states (Initiative 502 in Washington) would allow adults over 21 to buy taxed, inspected marijuana at state-licensed shops. Turbo Tax visualizes how much state tax revenue these initiatives would generate based on usage, and show you how much already legal medical marijuana impacts the 17 states where it is allowed.
It's all premised, of course, on whether or not the federal government sues the state to seize the money or attempts some other enforcement action to prevent the sale of marijuana, since state law and federal law would be in direct conflict.
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Follow this link to check out Turbo Tax's interactive feature and compare Washington's projected $22 million in revenue with other states.
Do you think the $22 million projected sales tax revenue for Washington is worth the risk of potential negative effects?
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