Marijuana Legalization: Aye or Nay?
Marijuana is the most commonly used illegal drug in the United States. Its uses can be for medicinal or recreational purposes. Twenty-three states have legalized medical marijuana, and only four states, Alaska, Colorado, Oregon, and Washington, have legalized marijuana for medicinal and recreational purposes. According to the National Survey on Drug Use and Health, in 2013, there were 19.8 million current users aged 12 or older. In other words, current users refer to people who had used marijuana 30 days prior to taking the survey. Legalization, or any form of legalization, of marijuana will boost economic development on both state and local levels, and improve the standard of living.
Legalization of marijuana can be seen as …show more content…
If marijuana is legalized and taxed, it will bring in billions of revenue annually. According to Jeffrey Miron (2012), if marijuana were taxed similar to all other goods, it would generate a tax revenue of about $2.4 billion annually, and if it were taxed at rates similar to alcohol and tobacco, that figure will increase to $6.2 billion annually. In Washington, there is a 25% excise tax on marijuana, while in Colorado, a proposition has passed to approve a 15% excise tax as well as a 10% sales tax on marijuana. With these tax rates, it is “expected to raise hundreds of millions of dollars for each state, including a projected $500 million for Washington alone by 2015” (Schneider 2014 pp. 12-13). Another way legalization will help advance the economy is authorizing the agriculture and industrialization of hemp. Hemp is a multipurpose source of fiber extracted from the cannabis plant, used to make rope and fabrics, and may as well developed as a bio-fuel. In other words, hemp will potentially be a valuable
Marijuana is the most commonly used illegal drug in the United States. Its uses can be for medicinal or recreational purposes. Twenty-three states have legalized medical marijuana, and only four states, Alaska, Colorado, Oregon, and Washington, have legalized marijuana for medicinal and recreational purposes. According to the National Survey on Drug Use and Health, in 2013, there were 19.8 million current users aged 12 or older. In other words, current users refer to people who had used marijuana 30 days prior to taking the survey. Legalization, or any form of legalization, of marijuana will boost economic development on both state and local levels, and improve the standard of living.
Legalization of marijuana can be seen as …show more content…
If marijuana is legalized and taxed, it will bring in billions of revenue annually. According to Jeffrey Miron (2012), if marijuana were taxed similar to all other goods, it would generate a tax revenue of about $2.4 billion annually, and if it were taxed at rates similar to alcohol and tobacco, that figure will increase to $6.2 billion annually. In Washington, there is a 25% excise tax on marijuana, while in Colorado, a proposition has passed to approve a 15% excise tax as well as a 10% sales tax on marijuana. With these tax rates, it is “expected to raise hundreds of millions of dollars for each state, including a projected $500 million for Washington alone by 2015” (Schneider 2014 pp. 12-13). Another way legalization will help advance the economy is authorizing the agriculture and industrialization of hemp. Hemp is a multipurpose source of fiber extracted from the cannabis plant, used to make rope and fabrics, and may as well developed as a bio-fuel. In other words, hemp will potentially be a valuable