How has Tax Money From Marijuana Legalization Benefited Our Community
By CARTER McQUINN
When Colorado legalized the use of recreational marijuana in 2014, the bill promised that a great amount of tax revenue would go to building better schools and providing better education to our children. Legalization has been a big success in Colorado, but people wonder how much money has been made and how much it’s really going to help our communities.
In 2014 Amendment 64 was passed, allowing people over the age of 21 to legally purchase and consume marijuana in Colorado. On the bill it was decided that the tax revenue made from these sales would go to improving schools and education. Some people claim this did not happen and are wondering where all the money went.
In 2015 recreational and medical marijuana sales in Colorado profited over $135 million dollars. The tax money was to be kept in a separate account to be put towards things our communities need. Many cities have been doing this and for the past 2 years about $40 million dollars have gone to the BEST (Building Excellent Schools Today) fund. Other times the tax money was just put into city funding and used where needed.
The state had estimated an amount of money that would be given to schools but when the marijuana industry made more money than expected, over $700 million dollars in 2014 according to the Denver Post, could there be more going to BEST fund?
A lot of money does go to helping kids beyond just money from the BEST. It also goes to helping kids stay in school. $2 million go to dropout prevention and helping kids get to college with scholarships and financial aid. I think this is equally if not more important than building better schools because if kids don’t think they can pay for college or don't have motivation to stay in school, it is very important that our state has money with which to intervene.
Taxes from marijuana sales go to three main places. State sales tax, 2.9% goes into Marijuana Tax Cash Fund. 10% special sales tax goes into the same fund. And a 15% excise tax, the first $40 million goes to the BEST fund but what about the rest? Since marijuana was legalized in the state of Colorado there has been a profit of almost $1 billion. That is a lot of tax money and people want to know what happens to all of it. This money also has very good potential to be used in our community. About $8.5 million dollars go to youth services, bullying prevention and other programs that help our children, and $2 million to substance abuse help and substance related law enforcement.
I have found in conclusion that legal marijuana sales are undoubtedly a good thing. We made a lot of money and put a huge part of it solely towards the improvement of schools and education. The state had promised to give tax money to schools but when it came to an amount and not a percentage, it was thought that the state was keeping more money that should be going to schools but other than funding schools the money has been helping our community in other ways.
By CARTER McQUINN
When Colorado legalized the use of recreational marijuana in 2014, the bill promised that a great amount of tax revenue would go to building better schools and providing better education to our children. Legalization has been a big success in Colorado, but people wonder how much money has been made and how much it’s really going to help our communities.
In 2014 Amendment 64 was passed, allowing people over the age of 21 to legally purchase and consume marijuana in Colorado. On the bill it was decided that the tax revenue made from these sales would go to improving schools and education. Some people claim this did not happen and are wondering where all the money went.
In 2015 recreational and medical marijuana sales in Colorado profited over $135 million dollars. The tax money was to be kept in a separate account to be put towards things our communities need. Many cities have been doing this and for the past 2 years about $40 million dollars have gone to the BEST (Building Excellent Schools Today) fund. Other times the tax money was just put into city funding and used where needed.
The state had estimated an amount of money that would be given to schools but when the marijuana industry made more money than expected, over $700 million dollars in 2014 according to the Denver Post, could there be more going to BEST fund?
A lot of money does go to helping kids beyond just money from the BEST. It also goes to helping kids stay in school. $2 million go to dropout prevention and helping kids get to college with scholarships and financial aid. I think this is equally if not more important than building better schools because if kids don’t think they can pay for college or don't have motivation to stay in school, it is very important that our state has money with which to intervene.
Taxes from marijuana sales go to three main places. State sales tax, 2.9% goes into Marijuana Tax Cash Fund. 10% special sales tax goes into the same fund. And a 15% excise tax, the first $40 million goes to the BEST fund but what about the rest? Since marijuana was legalized in the state of Colorado there has been a profit of almost $1 billion. That is a lot of tax money and people want to know what happens to all of it. This money also has very good potential to be used in our community. About $8.5 million dollars go to youth services, bullying prevention and other programs that help our children, and $2 million to substance abuse help and substance related law enforcement.
I have found in conclusion that legal marijuana sales are undoubtedly a good thing. We made a lot of money and put a huge part of it solely towards the improvement of schools and education. The state had promised to give tax money to schools but when it came to an amount and not a percentage, it was thought that the state was keeping more money that should be going to schools but other than funding schools the money has been helping our community in other ways.