Legalizing and taxing marijuana would benefit society
California's budget turmoil is the worst in the nation. Sacramento closed a $42 billion deficit this summer only to face tens of billions more red ink already. Most expect another round of tortured budget balancing that further slashes aid to the most vulnerable, raises taxes and fees and kicks the can down the road with billions more in borrowing.
Meanwhile, California's largest cash crop is being largely ignored in the frenzied search for politically-viable revenue. The state’s marijuana yield is conservatively valued at $14 billion annually – nearly double the combined value of our vegetable and grape crops. The state Board of Equalization estimates that taxing adult marijuana consumption like alcohol would generate $1.4 billion in new revenue for the state. While that’s only a modest contribution toward our fiscal woes, it’s one more incentive to end decades of failed marijuana prohibition. In fact, the financial and human price that we currently pay for criminalizing pot is far too high.
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