Conservative Tax Group Says Marijuana In Louisiana Could Fix Budget
The Tax Foundation, a Republican controlled political ‘think-tank’ has issued some staggering funding numbers regarding the legalization of marijuana in Louisiana. Projecting that in the first year alone, the taxes on legalized marijuana would fill the TOPS budget hole.
For the research piece, The Tax Foundation looked at the current supply and demand in states like Colorado and Washington, who have already legalized for recreational use. They do note that some of the legalized states are already looking to reduce the tax rate (Colorado was at 30%, and they’re dropping it) to help curb the pre-existing Black Market.
Even with the reduce tax rate factored into their work, The Tax Foundation says Louisiana could earn $77 Million right away, and build that up to over $128 Million down the road. Meaning that the state would be able to fill the $28 Million gap in the TOPS funding right away, and have some left over.
Down the road, through a combination of the new taxes, and the reduction in prison population costs, legalized pot could completely pay for programs like TOPS…and this is all coming from a CONSERVATIVE group.
Now Louisiana better hurry up, because there are close to a dozen other states looking to legalize right away, including Arkansas, which could put a damper on the draw for Louisiana, at least in our neck-of-the-woods. Considering that Colorado has a BOOMING tourism market right now, and Louisiana could take full advantage of that before other states in the region beat us to it.