Great news for NJ. The big question now is whether lawmakers will implement an appropriate tax structure that raises enough resources to enable real reparative justice for communities terrorized by the War on Drugs. A failure to do so would be a negative stain on the whole thing.
https://twitter.com/wildstein/status/1323817911572746242
To get into the details a bit (could've said weeds but didn't!) the $300 million in annual revenue projection was based on a tax rate of 20% to 25%. Even better would be a tax by weight to avoid volatility. The problem is...
Some insist that the only tax applied to cannabis should be the sales tax which, is just 6.625%. That would dramatically undermine the revenue projections everyone has been assuming for years & essentially foreclose any chance for effective reparative community investments.
For comparison's sake, the tax on recreational cannabis is as follows in other states:
CA - 7.25% sales + 15% excise
CO - 2.9% sales + 10% excise
ME - 10% sales
MA - 10% retail + 6.25% state
NV - 10% excise
OR - 17% state + 3% local
WA - 8% state + 37% excise
CA - 7.25% sales + 15% excise
CO - 2.9% sales + 10% excise
ME - 10% sales
MA - 10% retail + 6.25% state
NV - 10% excise
OR - 17% state + 3% local
WA - 8% state + 37% excise
So, while many lawmakers often have a knee-jerk anti-tax position across the board, in this situation in particular, such a stance would greatly undermine & harm the racial & social justice efforts that have been a top priority for so many - one that lawmakers supposedly share.
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