Because of Colorado’s increasing profit on Marijuana, a huge part of it will be returned to the citizens which should have been set aside to fund education.
This is based on Colorado’s infant legal-marijuana laws in contradiction to the Taxpayer Bill of Rights, or TABOR. This law obliges Colorado to refund whenever there is more than the amount permitted in the tax collection under a certain procedure related to inflation and population growth. BOR
Marijuana sales had helped Colorado’s economy to grow and taxes have gone high, an estimate total of $30.5 million, or about $7.63 per Coloradan adult is more likely set aside for their refund.
This has concerned others since there had been a degree in 2013 which was the year that Marijuana was legalized, and it says that a 15% of excise tax should be set aside to fund education.
“The problem is that the state is now obligated to spend money on schools, but now also obligated to give some back to voters, “said Tim Hoover of the Colorado Fiscal Institute, a group of people responsible of examining the effect of taxes in their state.
“The state is going to be forced to refund that money unless voters say otherwise,” Hoover said.
Reports said that republicans and democrats are now joining together to come up with the best solution that would be agreed by everyone. The cooperative mood will hopefully succeed and work to everyone’s advantage.
The legal marijuana across the nation has grown to a huge profit of 74% last year to $2.7 billion, reported by the ArcView Market Research, a cannabis-industry research and investment firm. They say that marijuana has been rapidly increasing in the U.S. and estimate an $11 billion of sales by 2019. This means that the legal marijuana business is more productive than any other U.S. cash crop.It should be.