“Then what we’ve done is lay a predicate for this next Congress to deal with where we have $3 of spending cuts for every dollar of revenue increase.”
CNN, who sometimes puts out pure and utter crap, has issued a 50-state ranking of potential tax revenues that could be earned if marijuana was legalized and taxed.
The ranking is based on “state-by-state marijuana consumption, from Jeffrey Miron (Harvard University, Department of Economics), Budgetary Implications of Marijuana Prohibition,” according to Paul Caron at TaxProf Blog. The total tax revenue projected by the study is $778 million.
Shockingly, California would benefit the most (especially since they won’t get additional money from Ahnuld), earning an estimated $105 million. A couple of notable states in the top twenty include Colorado and Oregon who both jumped considerably on the list as compared to where they rank in population. In other words, ganja use per capita is higher there (yes, that’s an intentional pun).
What the study fails to incorporate is the increase in sales tax revenues that would result from the surge in junk food and movie ticket sales. Despite this omission, the study demonstrates that all states would earn money that they would otherwise gone to some weird dude that only has black lights in his apartment.
Since this partial solution makes entirely too much sense, we expect the majority of states to continue to cut education and public service jobs to meet their budget goals.
Projected Revenues From Marijuana Tax [TaxProf Blog]
Leave it to the French. They’ve got the solution to all our fiscal problems. Whether we have the courage to follow their example is another matter.
The solution? Our frog eating friends have decided that they will start taxing people for their stupidity:
More, after the jump
The French Foreign Ministry is proposing a very narrow law requiring citizens foolish enough to wander into international danger zones, regardless of public warnings, to pay at least part of the cost of their own rescue.
For the purposes of our country, we would call for a much wider law that would encompass all kinds of idiotic behavior. For example, Brett Favre deciding to unretire again should be levied something in the neighborhood of 100% of his new salary. If he loves playing football so much, then he’d be thrilled to pay the tax.
The invasion of Iraq kinda goes without saying.
As for state budgets, New York and California’s fiscal crises would have been non-issues had a tax been placed anyone that was elected to those states’ legislative bodies.
Plus, since the amount of stupid behavior is so vast, legions of enforcement personnel would obviously be needed, putting many of you back to work. Pending your passing of an examination of course.
Discuss, in the comments, the appropriate tax levies for your most reviled stupid behavior by your fellow Americans that would solve our budgetary troubles. The existence of this blog/post is duly noted.
Stupidity Tax May Keep Dunces Out of Trouble: Celestine Bohlen [Bloomberg]