A New Sin Tax?
Marijuana in Colorado could be taxed at rates above 30 percent.
Voters in Colorado will have to approve the taxes, which include a 15 percent excise tax, plus a 15 percent sales tax. Those are in addition to the statewide 2.9 percent sales tax and any additional local taxes that may be added.
The first $40 million of the excise tax would to school construction around the state which was something that voters decided on last year’s ballot.
The sales taxes would be used to pay for enforcing marijuana regulations, ranging from rules about who can be in the pot business to controls on how pot is grown and limits on how pot shops can advertise, according to the Associated Press and Denver Post. Sales taxes would also pay for educational efforts about the potential health dangers of marijuana use.
Voters in Colorado last year approved legislation allowing adults over 21 to use and purchase marijuana.