The marijuana industry could generate up to $28 billion in tax revenues for federal, state, and local governments if Uncle Sam legalized cannabis, according to a report from the nonprofit Tax Foundation.
The conservative-leaning organization estimates revenues would include $7 billion for federal coffers, $5.5 billion in business taxes, and $1.5 billion in income and payroll taxes.
However, tax revenues are later forecast to decline to $22 billion, as more players jump into the industry. The larger number of business would erode profit margins, leading to a reduced tax haul, the report said.
The report estimates the current
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Report: Marijuana Industry Could Yield $28B in Tax Revenues
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