November 18, 2012 ????? 0 Comments
It is expected that with the recent decriminalization of marijuana in Washington and Colorado that tax revenues will grow a fair amount due to the taxation of the plant. Writes economist Steven Frable,
?Based on our forecast, the state and local government sector?s share of gross state product (GSP) will grow by 5.0% in 2017 in Washington, and 1.7% in Colorado.?
This is especially good news for the state of Washington, which is running at a substantial deficit. However, there is some concern that the legal wrangling between the states and the federal government could slow progress to such an extent that the prospective gains of tax revenue will become moot.
The problem is that marijuana is still illegal in the eyes of the federal government. So while the states will allow a certain amount of cultivation and trade of marijuana, the federal government could always step in and shut down the operations and even issue arrests. This has been an issue in California where the state allows dispensaries to function, but the DEA comes in frequently to shut them down.
Another aspect to the legislation that could save the states money is in lowering the prison populations. Prisons are incredibly expensive to keep up and running, and with a lowered prison population and a lower crime rate, there could be some huge savings to be had for both states.
Again, though, this whole thing could be negated if the federal government steps up efforts in those states to prosecute people that cultivate and sell marijuana.
If nothing else, these states could find themselves having a hard time getting the legislation moving forward simply because of all the legal wrangling they have to do with the federal government. The next few years of legal battles over legalized marijuana should prove interesting.
Source: Business Insider
By Travis
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