Whenever we do a story about proposals to legalize marijuana in Texas, viewers bring up how it could be a money maker for the state, pointing to the tax dollars Colorado is raking in.
But is that true? Let's verify.
Our source for this story is Joe Bishop-Henchman, the executive vice president of the tax foundation.
Legal recreational pot sales started in Colorado on Jan. 1, 2014. According to the tax foundation, after a slow start tax revenue on pot sales, it now exceeds original expectations.
Last year, Colorado took in over $266 million in pot taxes, with the total taken in since 2014 hovering around $1 billion.
But how much would Texas make?
The tax foundation has actually crunched the numbers.
It says with a 15-percent tax rate Texas would take in $453 million a year.
Now that is a lot of money, but keep in mind the yearly budget for the state of Texas is over $100 billion -- that's billions with a "b."
And there are costs associated with legalizing marijuana -- for law enforcement, health enforcement and zoning.
So we can verify: yes, legalizing pot in Texas would make the state millions in tax dollars.
But it is not enough to answer all the state's budget needs.
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