“Colorado collected $2.3 million in excise taxes on the sale of recreational marijuana during the first month of 2015, 10 times the tax revenue generated in January last year.
The 15% retail marijuana excise tax, which goes toward public schools and construction fees, earned exactly $2,332,843 in January 2015, according to a monthly report released by the state’s Department of Revenue. Last year, during the first month of sales, the school fund totaled $195,318.
Residents voted in November 2013 for an aggressive 10% sales tax and a 15% excise tax on recreational marijuana sales. Medical and recreational cannabis-related revenue also comes from a standard sales tax, as well as license fees.
Marijuana-related revenue not allocated to the school fund goes towards such things as substance abuse programs, medical research, and police training.”
Read more here: http://www.buzzfeed.com/mbvd/colorado-collects-23-million-marijuana-taxes-for-schools-in#.suJg8EXj83
Cenk Uygur (http://www.twitter.com/cenkuygur), Ana Kasparian (http://www.twitter.com/anakasparian), John Iadarola (http://www.twitter.com/jiadarola) and Jimmy Dore (http://www.twitter.com/jimmy_dore) of The Young Turks discuss.
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