Calif tax officials: Legal pot would rake in $1.4B

[240 is Back]

SAN FRANCISCO (AP) - California tax officials say a state proposal to tax and regulate marijuana like alcohol would generate nearly $1.4 billion in revenue.
A State Board of Equalization report released Wednesday estimates marijuana retail sales would bring $990 million from a $50-per-ounce fee and $392 million in sales taxes.

The bill introduced by San Francisco Democratic Assemblyman Tom Ammiano in February would allow adults to legally possess, grow and sell marijuana.

Ammiano has promoted the bill as a way to help bridge the state's $26.3 billion budget shortfall.

As the bill is written, the state could not begin collecting taxes under the bill until the federal government legalizes marijuana.

A spokesman says Ammiano plans to amend the bill to remove that provision.

[GigantorX]

A convenient distraction. It doesn't even put a dent in the 20+ Billion dollar shortfall, but I bet it will occupy a huge amount of air space and time on the TV/Internet/Newspapers and Radio. I bet Jesse Ventura starts to get calls for his "2 cents" on this subject as well....

[Hereford]

A convenient distraction. It doesn't even put a dent in the 20+ Billion dollar shortfall, but I bet it will occupy a huge amount of air space and time on the TV/Internet/Newspapers and Radio. I bet Jesse Ventura starts to get calls for his "2 cents" on this subject as well....

Yep. This is one of the peoblem we have in CA with so many legislatures... many of them waste time on garbage like this to get their name in the papers.

Our shortfall was in the 56 billion range for the year, last I heard.

This also just goes to show that a good many laws based on morals or societal good are really based on economics. If methamphetimine was good for tax revenue, you would see Cali pushing for it's legalization sooner or later...