Study: Legal Marijuana Could Generate More Than $132 Billion In Federal Tax Revenue And 1 Million Jobs

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Legalizing marijuana nationwide would create at least $132 billion in tax revenue and more than a million new jobs across the United States in the next decade, according to a new study.

New Frontier Data, a data analytics firm focused on the cannabis industry, forecasts that if legalized on the federal level, the marijuana industry could create an entirely new tax revenue stream for the government, generating millions of dollars in sales tax and payroll deductions.

“When there are budget deficits and the like, everybody wants to know where is there an additional revenue stream, and one of the most logical places is to go after cannabis and cannabis taxes,” said Beau Whitney, a senior economist at New Frontier Data.

The analysis shows that if marijuana were fully legal in all 50 states, it would create at least a combined $131.8 billion in in federal tax revenue between 2017 and 2025. That is based on an estimated 15 percent retail sales tax, payroll tax deductions and business tax revenue.

The federal government would reap $51.7 billion in sales tax from a legal marijuana market between 2017 and 2025, entirely new revenue for a business that remains illegal — and unable to be taxed — federally.

The business tax rate for the study was calculated at 35 percent. The corporate tax rate was lowered to 21 percent in a sweeping tax bill President Donald Trump signed last month.

“If cannabis businesses were legalized tomorrow and taxed as normal businesses with a standard 35 percent tax rate, cannabis businesses would infuse the U.S. economy with an additional $12.6 billion this year,” said Giadha Aguirre De Carcer, the CEO of New Frontier.

The study also calculates that there would be 782,000 additional jobs nationwide if cannabis were legalized today, a number that would increase to 1.1 million by 2025. That includes workers at all ends of the marijuana supply chain, from farmers to transporters to sellers.

(c) 2018, The Washington Post · Katie Zezima 

{Matzav.com}


4 COMMENTS

  1. It just goes to show that the “medical marijuana” bandwagon was just a ruse to fully legalize it in all it forms.

    Colorado has already learned the ill-effects of legalization. One aspect was the reduction of crime and criminal gangs. Well, that has not worked out so well. There has been an explosion of Mexican cartels setting up pot farms in remote areas. There are even more problems than these gangs.

    One thing for certain is anyone who is willing and wanting to spend their time in a stupor has issues that should be considered for treatment.

  2. Grades. Not joints.

    We need the best liberties. Never a cult work mention of bad brushed bibles next to their new psychiatric suite.

    The right is a mind. Never deteriorating vice.

    Bad and crime ridden.

    No to pot.

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