Where Do They Use Marijuana Tax Revenue In Colorado
As citizens of a nation, it is their duty to obtain a tax ID in Colorado or whichever state they might be and pay their dues. It is also their responsibility to ask important questions such as where the marijuana tax revenue is being used by the state. In a recently published view reading the cannabis business in the state, Marijuana Industry Group, tried to shed some light on the matter.
Many might be wondering where the local government is using the marijuana taxes they earn. Looking at it from the outside, tracing where the money actually goes can be a challenge but if through an internal perspective these details can be determined. The video published by the group aims to educate tax payers who wanted to know where their dollars are going to. This is regardless of the fact that only the state taxes are tackled in the video.
At the end of the day, every community is given the freedom to impose the amount of taxes they want from marijuana products thus the figure might be continuously shifting. In recent development, Michael Hancock who is the mayor of Denver proposed that the marijuana sales tax of the city should be increased in order to provide more funding for the affordable housing scheme.
Looking at the perspective of the state as a whole, MIG used the economic predictions of 2017 as basis which is spearheaded by the staff working at the Colorado Legislature. Illustrations are then created to show spending figures that are not unusual for people who love to collect Legos. The video is a good way to learn more about it because the dense information supplied and complicated details are tackled.
Marijuana taxes are basically going to marijuana tax fund of the state which allots $118 million for different government functions, almost $41 million for the education as well as public health and $32 million was spend by the Department of Human Services in order to counter substance abuse. An additional $16.5 million is funneled towards local grant, affordable housing and construction. The data will encourage businesses and entities to obtain a tax ID in Colorado in order to help the local government by paying the correct taxes.