Colorado Pot Tax

11/07/2013Mark Thornton

Well, we probably all could see this one coming. The voters of Colorado voted to put taxes on the sale of newly legalized marijuana. The taxes add up to a 25% tax on marijuana consumers. However, marijuana prohibition probably increased the price of illegal marijuana by several hundred percent and people can always grown their own to avoid the taxes.

Overall, it seems that cooler heads seem to be prevailing with President Obama reversing his position on enforcement and Dr. Sanjay Gupta reversing his position on legalizing marijuana.

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Contact Mark Thornton

Mark Thornton is the Peterson-Luddy Chair in Austrian Economics and a Senior Fellow at the Mises Institute. He is the book review editor of the Quarterly Journal of Austrian Economics, and has authored seven books and is a frequent guest on national radio shows.

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