Marijuana Sales Would Bring in Over $28 Billion in Taxes
May 13, 2016 Taxation in USA
WASHINGTON D.C – Legalizing marijuana would see the USA collect as much as USD 28 billion in extra taxes per year from business and wages, with an extra half-billion as a tax on the product itself.
New research released on May 12th by the Tax Foundation indicates that the nationwide legalization of marijuana in the USA could result in a bump in tax revenues of approximately USD 28 billion per year.
Once the legal marijuana industry is matured across all states, the tax revenues from the sector could come to as much as USD 28 billion per year, with USD 7 billion being collected as federal revenues, and the remainder being state and local taxes.
In addition to the business taxes, a federal tax on the sale of marijuana, set a rate equivalent to the USD 23 per pound of product currently levied on tobacco, would raise an extra USD 500 million per year.
It was also noted that currently the government and society incurs the cost of any damages that marijuana may cause, and the legalization and taxation of marijuana sales would help offset these costs.
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