Jim Finnel
Fallen Cannabis Warrior & Ex News Moderator
Despite voters rejecting Proposition 19 Tuesday, several cities across California managed to authorize policies that would tax marijuana. Voters in Sacramento, Rancho Cordova and La Peunte approved a tax on businesses that sell Marijuana.
In Sacramento, a tax of up to 10% on recreational pot businesses also passed.
The measures were largely contingent on the passage of Proposition 19, meaning the likelihood of their going into effect is essentially nil for the time being. That could all change if legalization makes it back onto the ballot as Proposition 19 backers have promised.
Should a pot legalization measure pass in 2012, as Richard Lee the creator of Prop 19 believes it will, citizens in San Jose will reap the benefits from the 10% tax on marijuana sales that would go to funding essential city service from the police department to pothole repair.
Proponents of Proposition 19 contended that the legalization and government regulation of marijuana had the potential to be financially advantageous to cash strapped state and local governments. Tax revenue on pot sales like the ones stipulated above would have generated hefty sales tax revenues though supporters had a difficult time predicting exact numbers.
NewsHawk: User: 420 MAGAZINE
Source: worldmarketmedia.com
Author: Brittney Barrett
Copyright: 2010 World Market Media, Inc.
Contact: Investment Community - Online Investment Community - World Market Media
Website: Some Cities Approve Marijuana Taxation Laws despite the failure of Prop 19 - Online Investment Community - World Market Media
In Sacramento, a tax of up to 10% on recreational pot businesses also passed.
The measures were largely contingent on the passage of Proposition 19, meaning the likelihood of their going into effect is essentially nil for the time being. That could all change if legalization makes it back onto the ballot as Proposition 19 backers have promised.
Should a pot legalization measure pass in 2012, as Richard Lee the creator of Prop 19 believes it will, citizens in San Jose will reap the benefits from the 10% tax on marijuana sales that would go to funding essential city service from the police department to pothole repair.
Proponents of Proposition 19 contended that the legalization and government regulation of marijuana had the potential to be financially advantageous to cash strapped state and local governments. Tax revenue on pot sales like the ones stipulated above would have generated hefty sales tax revenues though supporters had a difficult time predicting exact numbers.
NewsHawk: User: 420 MAGAZINE
Source: worldmarketmedia.com
Author: Brittney Barrett
Copyright: 2010 World Market Media, Inc.
Contact: Investment Community - Online Investment Community - World Market Media
Website: Some Cities Approve Marijuana Taxation Laws despite the failure of Prop 19 - Online Investment Community - World Market Media
