A new plan to legalize marijuana in California would create a $1 billion tokin' tax and thousands of green jobs. Now that's a stimulus plan!
Can Californians help dig themselves out of their historic fiscal crisis by getting high? Tom Ammiano thinks so, and he isn't smoking a thing.
On Feb. 23, the California State Assembly member introduced legislation that would regulate the cultivation and sale of marijuana, and then tax it. By legalizing pot, the San Francisco lawmaker argues, the state could reap huge new revenues. Currently pot is California's biggest cash crop, with annual sales reaching $14 billion. Vegetables, the state's second hottest agricultural product, take in a mere $5.7 billion. And California's famous grapes? A piddling $2.6 billion.
If passed, the Marijuana Control, Regulation and Education Act would give California control of pot in a manner similar to alcohol, while prohibiting its purchase to citizens under age 21. The state's tax collectors estimate the measure would bring in about $1.3 billion in new revenues a year.
