4 Recreational Marijuana Tax Revenue Takeaways For States
Law360 (October 23, 2019, 5:31 PM EDT) -- Benjamin Franklin once wrote, "In this world nothing can be said to be certain, except death and taxes." That idiom remains true today, and with the legalization of recreational marijuana markets, it was widely accepted that significant tax revenue would allow state and local governments to plug budgetary shortfalls. So far, the data is limited and the results are mixed, but there are still plenty of takeaways for policymakers to consider.
Two states have accurately predicted or even underestimated the tax revenue that recreational marijuana would bring. Nevada exceeded their initial estimated budget figures by nearly 40%, bringing in almost $70...
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