A major reason Colorado voters legalized Marijuana was to take it out of the underground economy and start taxing it to raise revenues. Projections were made, but actual tax revenues are higher than what supporters of legalization projected.
The Associated Press reports:
"DENVER (AP) — Colorado's legal marijuana market is far exceeding tax expectations, according to a budget proposal released Wednesday by Gov. John Hickenlooper that gives the first official estimate of how much the state expects to make from pot taxes."
http://news.yahoo.com/governor-colorado-pot-market-exceeds-tax-hopes-194731211--finance.html?soc_src=mediacontentstory.
The AP goes on to state that Colorado is including $99 million of new Marijuana tax revenue in its next budget. That tax revenue is generated from taxing a Marijuana market that will already exceed $600 million.
Pennsylvania is more than two times the size of Colorado and could generate $200 million in new revenue from legalizing and taxing Marijuana. By doing so, it could eliminate also eliminate $300 million in marijuana policing, prosecution, jailing costs. The total in new revenues and eliminated costs is $500 million per year!
My full Marijuana policy is available at: hangerforgovernor.com.
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