Legalization Gone Right: Colorado To Refund Tax?
Marijuana has been legal in Colorado for over a year now. How successful has it been? So successful that the state has generated so much tax, they may be legally obliged to give some of it back!
The outright legalisation of weed in Colorado is being viewed by many across the world as an experiment into its potentials and pitfalls. Well, what an experiment it has been! It has been over a year now, and so far, crime and unemployment are down, whilst tourism and tax revenues are up. There is very little to complain about!
The state has been so successful, that it is now having to think about giving some of the tax generated from marijuana sales back to the people. It is all because the state’s constitution actually has a cap on the amount of tax that can be generated by the state as a whole, and the rapidly growing marijuana sales have pushed it through the roof.
It has both Republicans and Democrats scrabbling to find a way to keep the money, as both political parties insist there is no point giving the money back to residents. As things stand, each resident of Colorado could be entitled to receive a cheque for around $7 each. It may not sound like much, but it adds up – totalling around $30 million of the $50 million raised. When you consider that this money was meant to be put back into schools, we kind of agree with the politicians – the money shouldn’t be refunded. It is a sentiment felt by many of the residents of Colorado, who were told that their pot tax would be going to the betterment of their state, not back into their pocket, in quite frankly, a paltry sum.
The thing is though, this is uncharted territory, with state law makers now scratching their heads as to how to proceed. It may result in the state calling a vote on whether marijuana generated taxes should be exempt from the cap, and it seems pretty obvious to us that they should!
Either way, it is amazing news. There are many out there who hoped the legalisation of marijuana in Colorado would fall flat on its face, but if anything this proves the legalisation movement is going strength to strength without negative impact. In the words of the Denver Police chief on the effects of legalisation “everything is fine”, crime is down, and policing is continuing as usual.