Pot Is Making Colorado So Much Money They Literally Have To Give Some Back To Residents

[progree]

11. The story is much more nuanced than the High Times title implies (likewise the OP's excerpts)

First, here it is from the source, the ap.org website itself:

http://hosted.ap.org/dynamic/stories/U/US_MARIJUANA_TAXES?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT

In a quick read, its exactly the same story as the one in High Times -- no more and no less. Although AP's title is different,

"Tax Law Quirk Means Pot May Pay Off For Coloradans Literally"

That said, people should read the story in full, for example,

Even some pot shoppers are surprised [font color=red]Colorado may not keep the taxes that were promised to go toward school construction[/font] when voters legalized marijuana in 2012.

Legal weed has collided with the tax limitation movement because a 1992 voter-approved constitutional amendment called the Taxpayers' Bill of Rights requires all new taxes to go before voters.

The amendment also requires Colorado to pay back taxpayers when the state collects more than what's permitted by a formula based on inflation and population growth.

... Republicans concede that marijuana is throwing them off their usual position of wanting tax dollars returned to taxpayers. But they also tend to say that marijuana should pay for itself - that general taxes shouldn't pay for things like increased drug education and better training for police officers to identify stoned drivers. ((unfortunately the article nowhere indicates if those costs are anywhere near, more, or less, than the $50 million taxes collected, or to be collected year after year in the future. And of course RepubliCONs have a way of twisting things -- those costs could be, say $10 million in the first year, and $2 million annually thereafter, and RepubliCONs would still make it sound like its not paying for itself -- they tend to leave out inconvenient information --Progree))

... After legalizing marijuana in 2012, Colorado voters returned to the polls the following year and approved a 15 percent excise tax on pot for the schools and an additional 10 percent sales tax for lawmakers to spend.

[font color = red]Voters were told those taxes would generate about $70 million in the first year. The state now believes it will rake in about $50 million.[/font]

But because the economy is improving and other tax collections are growing faster, Colorado is obligated to give back much of what it has collected.