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An economic analysis of the legalization of marijuana
Benefits from legalizing marijuana
Benefits from legalizing marijuana
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The legalization of marijuana has the potential to bring our economy back to life if it were to be legalized. There are a number of ways in which legalization could improve the economy. We could use the revenue from taxes on marijuana to provide for a better quality of life for Americans in need. Legalizing marijuana would also save us money by cutting the cost of putting someone in jail for harmless marijuana related charges that waste tax money. Also it would put more money into circulation by keeping the profits off the black market and into the legal and taxed market. With an estimated twenty-five million active marijuana smokers in America that consume nearly thirty-one million pounds of marijuana each year, we are missing out on extreme revenue that this country cannot afford to go without for much longer (Krulick).
Specialized government funded programs such as Women, Infants, and Children (WIC) cost around $7 billion and are in danger of being defunded to save money (Whitehouse). Marijuana tax revenues exceed $6 billion and would help less fortunate women in need of assistance when they are raising a child. On the state level Alabama has a projected profit of $8.9 million in tax revenues alone from Marijuana sales (Miron). States could increase pay or set up a better retirement for police, firemen, teachers, or any other underpaid public service. Also, the medical sales of marijuana would create an alternative source of natural medicine that has less harmful side-effects than some prescription medicines. Another more practical use for the cannabis plant itself is “hemp”. Hemp is another variety of cannabis that is used for mainly for its fiber, oil, and seeds. The fiber can be used to make anything from clothes to cars as...
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Oct. 2013. This was a fairly unbiased view of statistics of marijuana use and opinions of
Today’s economy is struggling and it is in dire need of relief. As of 2013, the United State’s debt was $17 trillion, and if marijuana were to be legalized than it would help raise more money. It could be taxed and distributed for consumption sold like alcohol and tobacco. Taxes on cigarettes amounted to more than $43.3 Billion in 2012 (RJReynolds). The legalization of marijuana could possibly one day make that money helping to reduce this nation's debt. But, as the United States continues to prohibit the use of marijuana, it will make the taxpayers pay more money each year on the illegal usage of the drug. The marijuana prohibition costs both state and federal governments more than $20 billion a year (CATO Institute). One drug policy could change how much it wastes on the prohibition but the government has done so. A study by the CATO institute showed that...
A majority of those who support the legalization of marijuana hold that it should be removed from the criminal justice system. They argue that it should be regulated in a way similar to that of tobacco and alcohol. They hold that legalizing and controlling the drug will bring it under the rule of law and thus help in creating job opportunities in the formal economy (Caulkins, 2013). This, as they contend, will be better than the current state where it creates occupations in the illegal market. In addition, by legalizing marijuana, law enforcement resources would be freed for use in protecting the safety of the public. Also, local and state governments would obtain important new tax revenues from marijuana sales. The criminalization of marijuana use excessively harms people especially the youth and encourages high degrees of corruption and violence (Caulkins, 2013). This paper focuses on explaining the economic benefits of legalization of marijuana.
Marijuana is the cause of much commotion and debating, as the question of legalization becomes more of an issue. Drugs are a major influential force in countries all over the world today. Legalization is an option that has not had a chance, but really should be given one. Although many people feel that legalizing marijuana would increase the amount of drug use, legalization would benefit for the following reasons: 1)reduction of money spent on law enforcement 2)increase in the countries revenue 3)lessen crime 4)useful in treating certain medical conditions.
Woodruff, Betsy. "Rocky mountain high: Colorado experiments with marijuana." National Review 16 Sept. 2013: 25. Student Edition. Web. 21 Mar. 2014
In the last fiscal year alone, marijuana brought 70 million dollars in tax revenue in the state of Colorado. Colorado was the first state to legalize marijuana recreationally in the fall of 2012, and since then three other states and the District of Columbia have legalized the plant. Based off of sales in states that have legalized marijuana recreationally, if all fifty states legalized marijuana, they would bring in a combined 3 billion dollars in tax revenue yearly. That much money from sales of the plant alone could help to stabilize the suffering economy. Moreover, the American Government would be able to control the plant and distribute it how ever they see fit. The economic growth marijuana legalization could bring to the United States outweighs any argument against
"Fresh Challenge Against Drug Abuse." allAfrica.com 11 Apr. 2011 , NEWS: NewsBank. Web. 6 Dec. 2013.
Let’s begin with US revenue gain that would occur from legalizing marijuana. Marijuana Offers Extreme US revenue boost in several different ways. Shouldn’t we want to collect revenue due to taxation other then criminalization? Marijuana is too expensive for our justice system and should inst...
“Prevent.” The Partnership at Drugfree.org. The Partnership at Drugfree.org, 2011. Web. 18 Dec. 2011. .
Retrieved May 17, 2014, from http://www.stonersjournal.com/tag/medical-marijuana/ Kliff, S. (2012, November 1). Can Colorado create a legal market for marijuana? Washington Post. Retrieved May 17, 2014, from http://www.washingtonpost.com/blogs/wonkblog/wp/2012/11/01/can-colorado-create-a-legal-market-for-marijuana/?wprss=rss_ezra-klein Lewis, A. (2014, January 29). The New York Times.
With America’s war on drugs being highly focused on the increased use of marijuana, there is not much time for officers to focus on crimes of greater importance. Crimes related to illegal marijuana use are becoming more problematic due to drug deals that go bad, occasionally ending with murder. It has been estimated that one marijuana-related arrest is made every 42 seconds. With marijuana being illegal, keeping crime related activities under control cost the United States approximately twenty billion dollars per year (Sledge). According to Brian Bremner and Vincent Del Giudice, “A 2010 study by the libertarian Cato Institute, forecasted that states could save $17.4 billion annually from reduced drug enforcement costs and increased tax revenue, assuming marijuana production and sales were legal nationwide” (11). Several law enforcement hours are exhausted with pursing, questioning, and arresting citizens that are in possession of or consuming marijuana. There would be a decrease in the number of misdemeanor possession cases that are pending hearing. These cases would be dismissed, decreasing costs affiliated with each case. There are excessive numbers of people who remain incarcerated for nonviolent crimes related to illegal marijuana use. Legalizing marijuana would allow these people to be released, opening jail space for the true criminals. Legalizing marijuana would free up law enforcement officers from focusing on illegal marijuana use and allow focus to be put on more serious
In conclusion The Legalization of Marijuana would benefit the U.S government and it would be more effective in controlling the drug usage. The prohibition of Marijuana has only been costing taxpayers billions of dollars every year and it hasn’t benefited the Economy. The Education and treatment would be the effective way to address Marijuana problems, whereas The Legalization of Marijuana would benefit and boost our economy especially during this economic recession; therefore the Legalization of Marijuana may be the beginning United States Economy re-form; due to the fact that Marijuana Legalization would help subsidize our Economy.
Office of the National Drug Control Policy. "National Survey on Drug Use and Health." May 2008. Print. 26 March 2014.