Report: Marijuana Legalization Could Bring In Over $8.7 Million In Tax Revenue

DISTRICT OF COLUMBIA:  In a little more than a month, District residents will vote to decide if they want to legalize marijuana. While polls show that a majority of D.C. residents favor marijuana legalization, there’s still a small population that opposes it.

Among the reasons the group, called T.I.E. D.C., don’t want pot legalized is the potential huge amounts of money both corporations and the government stand to gain from the taxation and regulation of marijuana. The problem, however, is that Initiative 71 doesn’t include any provision for taxation and regulation. If it did however, D.C. could stand to gain a lot of money in tax revenue. About $8,769,904 per year, according to report from NerdWallet.

Based on that data, NerdWallet estimates that D.C. could pull in $8,769,904 in tax revenue for legalizing marijuana with a taxation and regulation system. To put that in perspective, D.C. raised $5,166,000 in tax revenue for alcohol sales in 2012, according to the Tax Facts report for 2013. The estimated tax revenue for alcohol in 2013 is $5,630,000 and $5,517,000 for 2014.

You can access the NerdWallet study here:

 

Read full article @ DCist