Oregon, Alaska set for November vote to legalize recreational marijuana
07/25/2014 11:36 AM
07/25/2014 1:06 PM
Colorado and Washington state started the trend of legalizing marijuana for recreational use — not to mention gaining a new revenue stream for taxes.
In November expect voters in Alaska and Oregon to decide whether to get on the bandwagon. In Oregon, an initiative petition picked up at least 88,500 valid signatures so that the marijuana measure could go on the ballot.
The Oregonian reports that legalizing marijuana could produce an additional $38.5 million in taxes for the state. The move by more states to cash in on tax revenue from marijuana sales mirrors states throughout the U.S. first legalizing bingo, lotteries, parimutuel betting on horse racing, and then casino gambling.
They have to compete to keep up with border states that gain from residents going elsewhere to have fun. Like taxes on tobacco products and liquor, taxing recreational marijuana sales qualifies as a sin tax that people are eager to pay.
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