Taxing a cash crop you've already got
A California state assemblyman is proposing that the state government legalize marijuana and tax it, at a time when it could really use the money:
The law, which would make California the first state to legalise marijuana, would inject an estimated $13bn a year in revenue into California’s empty coffers. Governor Arnold Schwarzenegger on Friday signed a $130bn budget that raises sales and income taxes, and dramatically slashes spending. States across the country are facing massive revenue shortfalls, as income and real estate tax receipts fall and outlays for unemployment insurance and health coverage rise.
I’d be all for it for a few reasons. Partially because I’m just pro-legalization in general. But partially because I think it’d be fairly healthy overall for this country if the Republican party were to crack into two pieces, and this could help that. I know that the system here is totally rigged against third parties, but a guy can dream …