When pot was legalized in Colorado, supporters claimed the new law would add millions in tax dollars to the state coffers. Now many Coloradans are wondering where all that money is going.
News 9 in Denver decided to investigate.The truth is, marijuana is heavily taxed. And that money adds up.
In the fiscal year that ended in June 2015, recreational pot brought in a total of $129 million in state tax dollars. That’s nothing to sneeze at. It definitely helps.
But in a state that collected over $10 billion in taxes for its general fund, it’s not enough to make a huge difference. Pot taxes add up to a 1.3 percent raise in the state’s income. Not bad. But it doesn’t amount to a sea change in the state’s fortunes.
But the initiative has brought hundreds of millions of dollars to the state’s education system since it was instituted. And that’s money Colorado wouldn’t have seen if pot hadn’t been legalized.
