As More States Legalize Marijuana, Economics Comes into Play
[...]states typically do not subject prescription drugs to state sales taxes, while medical marijuana has been subjected to both state sales and excise taxes. [...]medical marijuana is taxed more like alcohol or tobacco than a medical drug. [...]is taxation on purchases, which reduces the quantity d...
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| Veröffentlicht in: | Regional Economist 2020-01, p.1-5 |
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| description | [...]states typically do not subject prescription drugs to state sales taxes, while medical marijuana has been subjected to both state sales and excise taxes. [...]medical marijuana is taxed more like alcohol or tobacco than a medical drug. [...]is taxation on purchases, which reduces the quantity demanded in the market by increasing the price. [...]increases in tax revenue from recreational sales likely overstate the fiscal impact or could be shortlived. Consumers are likely to spend a greater share of their income on marijuana and less on other taxable goods, such as alcohol.- Furthermore, states may use the new tax revenue source as a replacement for existing revenue sources (or future revenue increases).11 Third, as is the case with many types of "sin taxes"-taxes on products such as alcohol, tobacco and the lottery-individuals in lower income brackets are generally more likely to consume these products, thereby producing a regressive tax policy. |
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| ispartof | Regional Economist, 2020-01, p.1-5 |
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| language | eng |
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| source | EBSCOhost Business Source Complete; Free E- Journals |
| subjects | Alcohol Central banks Clinics Consumption Costs Decriminalization Drug legalization Drug use Enforcement Legalization Licenses Medical marijuana Medical research Patients Post traumatic stress disorder Prescription drugs Sales Tax rates Tax revenues Taxation Taxes |
| title | As More States Legalize Marijuana, Economics Comes into Play |
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