California craving more tax revenue from recreational cannabis sales – SFChronicle.com

California’s high cash expectations from recreational marijuana are going up in smoke as most people are opting to buy their weed on the cheaper, more available and tax-free black market. “We projected bringing in $185 million in taxes in (fiscal) 2018,” state Treasurer Fiona Ma said. “We got less than half of that.” To give the legal market a boost, Ma is joining other lawmakers in supporting AB286 by Democratic Assemblyman Rob Bonta of Oakland to cut the current 15 percent excise tax on pot down to 11 percent. The bill would also suspend the tax of $143 per pound paid by growers for three years.

Source: California craving more tax revenue from recreational cannabis sales – SFChronicle.com

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.