Colorado has been so successful in implementing legal weed that it is awash with cash and the state is now giving it back to the taxpayers.
When voters in Colorado passed the amendment to make marijuana legal, one of the factors behind it was definitely financial gain.
With the government able to put a hefty tax on the sale of weed, they wouldn’t have to make as many cuts and could probably save a lot of money, however they didn’t expect to make so much.
It’s been reported by Associated Press that they have made so much cash that they are about to pass the limit of the amount of money they’re allowed to actually make from taxes. It means the taxpayers could be in line to receive a cut of the $50 million profits accumulated by the legitimate sale of marijuana.
The taxes were originally designated to be used on school construction and people selling the weed said they had ‘no problem’ paying taxes if it was going back into the area’s education services.
However, the ‘Taxpayer’s Bill of Rights’ which was passed in 1992, states that Colorado cannot spend revenue if they grow faster than that of population growth and inflation, unless the people approve a change. This means that the citizens could be in line for an extra payday thanks to the pot business.
The local politicians though are hoping for a vote so that they can keep the cash. They’ve already estimated that they will make around $1 billion in a year from sales and have saved between $12 and $40 million in the law enforcement budget while focusing more time on criminal activity unrelated to marijuana.
A TABOR in New Zealand would certainly be welcome.