California's Long Beach Votes to Tax Pot to Plug Gap

[jk]

here's a solution for budget woes.

California's Long Beach Votes to Tax Pot to Plug Gap

The city council of Long Beach, California, voted last night to pursue taxes on medical marijuana dispensaries, part of what may become a wave of communities turning to such proceeds to plug budget deficits.

The Los Angeles suburb with a population of almost 500,000 scheduled a public hearing on the drug levy for Aug. 3. If the council later approves the wording, a ballot initiative establishing a 5 percent tax on the city’s 35 dispensaries could go to voters in November, according to Lori Ann Farrell, Long Beach’s director of financial management.

Long Beach joins California cities including the state capital, Sacramento, weighing marijuana taxes to bridge falling revenue from the worst recession since the 1930s. The nation’s largest state by population saw an explosion in the number of marijuana dispensaries after voters approved a 1996 referendum legalizing pot for medicinal use.

etc
http://www.bloomberg.com/news/2010-0...alifornia.html

[thriftyandboringinohio]

Re: California's Long Beach Votes to Tax Pot to Plug Gap

I have read opinion that the repeal of prohibition in 1933 was driven by similar sentiment. In the depression, legalizing alcohol (again) and taxing it was viewed as a practical revenue source.

[lakedaemonian]

Re: California's Long Beach Votes to Tax Pot to Plug Gap

I have read opinion that the repeal of prohibition in 1933 was driven by similar sentiment. In the depression, legalizing alcohol (again) and taxing it was viewed as a practical revenue source.

Bullseye!

[Jay]

Re: California's Long Beach Votes to Tax Pot to Plug Gap

here's a solution for budget woes.

California's Long Beach Votes to Tax Pot to Plug Gap

The city council of Long Beach, California, voted last night to pursue taxes on medical marijuana dispensaries, part of what may become a wave of communities turning to such proceeds to plug budget deficits.

The Los Angeles suburb with a population of almost 500,000 scheduled a public hearing on the drug levy for Aug. 3. If the council later approves the wording, a ballot initiative establishing a 5 percent tax on the city’s 35 dispensaries could go to voters in November, according to Lori Ann Farrell, Long Beach’s director of financial management.

Long Beach joins California cities including the state capital, Sacramento, weighing marijuana taxes to bridge falling revenue from the worst recession since the 1930s. The nation’s largest state by population saw an explosion in the number of marijuana dispensaries after voters approved a 1996 referendum legalizing pot for medicinal use.

etc
http://www.bloomberg.com/news/2010-0...alifornia.html

Well, finally. I have been waiting for this!