DENNIS' SOAP BOX

Dennis' Soap Box

Tuesday, March 10, 2015

AN ECONOMIC JUSTIFICATION FOR THE LEGALIZATION OF RECREATIONAL MARIJUANA USE IN THE USA

Just a quick down and dirty economic justification to legalize marijuana in the U.S.

First: The U.S. currently incarcerates roughly 600,000 people for the possession of marijuana and it costs roughly $30,000.00 per year per individual to keep them in prison. That equates to $18 million dollars of tax payer money, in my opinion, wasted annually.

Second: Say marijuana is legalized and is taxed by the Federal government at a rate of 3% on every ounce sold. Google tells me that an ounce of marijuana costs $70. So, that would mean $2.10 would be collected for every ounce sold. I don't know how much is sold annually, but let's say 1 million ounces are sold. That equates to $21 million dollars in potential tax revenue.

So, if we legalize marijuana, we save $18 million and collect $21 million for an annual win-fall of $39 million.

It just makes financial sense to legalize marijuana.

¶ 12:40 PM

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