Pot buyers add more than $1M to Colorado tax coffers

[RainDog]

http://www.today.com/money/pot-buyers-add-more-1m-colorado-tax-coffers-2D12035047

In the first month of legal recreational marijuana sales in Colorado, retailers who shared their proprietary data with NBC News say they have collected $1.24 million in tax revenue.

In a back-of-the-napkin calculation, those who shared the data say they figure February’s tax collections in Colorado likely will exceed a quarter of a million dollars a day, putting it on pace to near $100 million annually.

When Colorado first considered legalizing recreational marijuana, it was estimated the first year’s tax take would be $67 million.

By comparison, Colorado took in about $39.9 million in sales, use and excise taxes from alcoholic beverages in fiscal 2013, according to the state Department of Revenue. Cigarettes generated $165.5 million in taxes, and tobacco products $31.6 million in the same fiscal year, July 1, 2012-June 30, 2013.

[NightWatcher]

1. Poor, Southern governors' ears just perked up

(in my best Foghorn Leghorn) You say, you say a hundert million???

[Wait Wut]

2. Damnit.

This is why we should be allowed to rec or like comments.

[rdharma]

6. These dumbass red states will regret missing the boat early on! nt

[WorseBeforeBetter]

12. That was beautiful.

And my schmuck governor immediately came to mind!

[loudsue]

17. That IS what they say!!!

[ProfessorGAC]

3. What Is The Savings On Top of That?

If they're not wasting resources chasing something since it's legal, there is at least an opportunity savings.

[RainDog]

7. The recent ACLU report states all states combined spend 3.6 billion/yr

States together spent somewhere around $3.6 billion enforcing marijuana possession laws in 2010, according to a new study by the American Civil Liberties Union, entitled “The War On Marijuana In Black and White.” That's the authors' "best estimate," though approximations using different methodologies put the cost as high as $6 billion and as low as $1.2 billion.

[warrant46]

14. Pissing $$$ in the sewer

[KamaAina]

4. And that's not even counting sales of Doritos and Taco Bell

[loudsue]

18. And Snickers!! And brownie mix! The whole economy is going to pop!

Such a good idea!

[Matariki]

24. Along with our pants.

[Jesus Malverde]

5. Nice report in a national newspaper...

it's blowing up

[nykym]

8. What is needed is

a CBO report on legalizing POT!

[RainDog]

9. that's an excellent idea

One economist, Jeff Miron, did an economic study regarding all drugs, published in 2010 by the Cato Institute.

http://www.cato.org/publications/white-paper/budgetary-impact-ending-drug-prohibition

The Budgetary Impact of Ending Drug Prohibition

This report estimates that legalizing drugs would save roughly $41.3 billion per year in government expenditure on enforcement of prohibition. Of these savings, $25.7 billion would accrue to state and local governments, while $15.6 billion would accrue to the federal government.

Approximately $8.7 billion of the savings would result from legalization of marijuana and $32.6 billion from legalization of other drugs.

The report also estimates that drug legalization would yield tax revenue of $46.7 billion annually, assuming legal drugs were taxed at rates comparable to those on alcohol and tobacco. Approximately $8.7 billion of this revenue would result from legalization of marijuana and $38.0 billion from legalization of other drugs.

[progressoid]

10. Rec!

[joeybee12]

11. And that was just from all they bought Sunday to recover from the SB loss...nt

[RainDog]

13. LOL n/t

[awoke_in_2003]

15. With the way the Broncos played...

I think they smoked before the game.

[Ezlivin]

16. This is your state on drugs

Warning: Continued sale and use of marijuana can lead to overfilled bank vaults. This a very real danger and should not be ignored.

[B Calm]

22. Got a good point there!

[Spitfire of ATJ]

19. "In a back-of-the-napkin calculation"

Oh please,...

.....write it on a Zig Zag.

[RainDog]

20. hope no one tried to use a vape pen for the ink... n/t

[billh58]

21. Robber gangs terrorize Colorado pot shops...

To paraphrase Willie Sutton, "Because that's where the pot is..."

http://www.cnbc.com/id/101391433

[RainDog]

23. hard to collect that one million in tax revenue

when the shops can't deposit the money for their product because someone has robbed the store.