As the residents of Colorado are about to find out, legal pot pays. The decriminalization of marijuana in the Centennial State has been so successful that every Colorado adult is in line to receive a $7.63 refund, Associated Press reports (via High Times). Residents may be eligible for the refund due to the economic stimulus provided by legal marijuana, a 30 percent tax on that weed and a 1992 state amendment that puts a cap on how much the state could receive from taxpayer money.
Remarkably, both Colorado’s Democrats and Republicans have joined in unison to try and repeal – or at least limit – a 1992 voter-approved amendment called the Taxpayers’ Bill of Rights that refunds citizens “when the state collects more than what’s permitted by a formula based on inflation and population growth.” In the case of marijuana revenues, the total amount is $30 million.
However, the amendment was enacted before Colorado ever imagined that marijuana would be a taxable item thanks to a “dangerous” law, and now that $30 million in tax surplus is headed back to the taxpayer instead of school construction. Government officials are scrambling to bring a bill to voters that would make pot taxes exempt from that 1992 amendment, but not every Colorado resident is in favor of giving up that $7 and change.
“I don’t care if they write me a check, or refund it in my taxes, or just give me a free joint next time I come in. The taxes are too high, and they should give it back,” Aurora, Colorado resident David Huff told High Times.