Ammendment 69 in Colorado - additional 10% payroll tax for Healthcare

[Sean88gt]

Maybe they should call it Amendment 68, since you'll be doing them, and they'll owe you one.

[Rick Modena]

Maybe they should call it Amendment 68, since you'll be doing them, and they'll owe you one.

lol.

[Snatch Napkin]

What happened to all that extra tax revenue from pot?

[Craizie]

What happened to all that extra tax revenue from pot?

They spent it..... on pot.

[Chili]

What happened to all that extra tax revenue from pot?

Went to schools.. $35MM last year..

http://marijuanapolitics.com/colorados-2015-marijuana-tax-results-135-million-35-million-going-to-schools/

Colorado’s 2015 Marijuana Tax Results: $135 Million, $35 Million Going to Schools

Alibi Pierce | February 10, 2016 12:19 pm

Last week we told you that San Francisco based marijuana investment firm The ArcView Group was projecting total 2015 marijuana sales in Colorado to break the billion dollar mark. Turns out they were off, but not by much. Yesterday Colorado released its official tax data and it shows that total sales in the first state to legalize recreational marijuana reached $996,184,788.

The ArcView Group had based their projections on a weak retail December and on that they were totally off. December saw the highest sales of recreational weed since the first storefront opened its doors two years prior, and jumped to $11.2 million from $10.6 million in November (a more-than-20% month-to-month increase).

Total tax revenue for the 2015 calendar year came out to just over $135 million, with nearly a quarter of that, or $35 million, reserved specifically for school construction. USA Today reported a year ago that funds from that tax pool were already being used “to buy new roofs, boilers and security upgrades for public schools across the state.” Local communities like Pueblo are using local tax proceeds to fund college scholarships for their residents.

Last year the state hauled in $76 million on sales of $700 million, so the 2015 numbers reflect a significant increase year-to-year. As The Cannabist notes, this is due to a variety of growth factors:

Colorado’s 2015 marijuana tax and sales totals tell a story of implementation and growth. While the state’s pot shops sold more than $699 million of cannabis in 2014, they moved more than $996 million in 2015 — a year when more pot shops opened, more municipalities started allowing these businesses and more customers found their way into the regulated market. Year-over-year totals for taxes and license fees grew too, from $76 million in 2014 to $135 million in 2015.

While these numbers are impressive and are already making a huge positive impact on Colorado’s citizens, it’s important to remember that more money in the coffers is only one bright spot in a legalization movement that promises to reverse decades of discrimination, unjust policing, and mass incarceration.

Press release from the Marijuana Policy Project regarding Colorado’s marijuana revenue:

For Immediate Release

Wednesday, February 10, 2016

Contact

Mason Tvert, Director of Communications

720-255-4340, mtvert@mpp.org

Colorado’s Regulated Marijuana System Generated More Than $135 Million in Revenue for the State in 2015, Including More Than $35 Million for School Construction Projects

The total revenue raised from January-December 2015 surpassed original projections and far exceeded the costs associated with regulating the system

DENVER — Colorado’s regulated marijuana system generated more than $135 million in revenue for the state in 2015, including more than $35 million for school construction projects, according to the Colorado Department of Revenue.

There were just under $588 million in adult-use marijuana sales in Colorado from January-December 2015, producing approximately $109.1 million in tax revenue in addition to $4.7 million in license and application fees. The state’s regulated medical marijuana system produced more than $11.4 million in tax revenue and $9.8 million in license and application fees.

In 2014, the state’s regulated marijuana system raised just over $76.1 million in total revenue, including about $56.2 million from adult-use marijuana tax revenue and fees and $19.9 million in medical marijuana tax revenue and fees.

“There are hundreds of millions of dollars in marijuana sales taking place in every state,” said Mason Tvert, the Denver-based director of communications for the Marijuana Policy Project. “Colorado is one of the few where those sales are being conducted by licensed, taxpaying businesses.”

Adult-use marijuana sales in Colorado are subject to the state’s standard 2.9% sales tax, plus a 10% special state sales tax.Additionally, wholesale transfers of adult-use marijuana are subject to a 15% state excise tax. The first $40 million raised annually by the 15% excise tax is earmarked for public school construction projects. The excise tax raised just over $35 million in 2015, up from about $13.3 million in 2014.

“These tax revenue figures are truly impressive,” Tvert said. “Just six years ago, Colorado received zero dollars in tax revenue from the sale of marijuana in the state. Now it’s raising more than $100 million annually with tens of millions of dollars directed toward public school improvements.

“The additional tax revenue far exceeds the cost of regulating the system,” Tvert said. “Regulating and taxing marijuana has been incredibly successful in Colorado, and it represents a model for other states to follow. These numbers should put to rest the claims we keep hearing from opponents that marijuana tax revenue has fallen short of expectations in Colorado.”

# # #

[bcoop]

What happened to all that extra tax revenue from pot?

I believe most of it is going to the education system.


Jared would know more about how this is supposed to work. He briefly mentioned it while I was there, but I didn't care enough to have him elaborate.

[Rick Modena]

What happened to all that extra tax revenue from pot?

They bought munchies, duh!

[Snatch Napkin]

Going to schools is good.

[jluv]

Wow is right.. May need to rethink a CO move and go further north. It's getting a little blue for my taste.

I wouldn't worry about it. Everyone I have talked to about it is against it, and the ads all over TV and in our damn mailbox are trashing the idea. Frankly, it doesn't seem like any citizens are actually for it, so as long as they vote...

I'm actually giving up in Colorado. I just moved here too late. I've been house shopping for a year straight and everything I've seen that I liked is in the 700k+ range for 1500-2000sq feet, maybe alittle more.

I bring home over 50k a year net and go from paycheck to paycheck just living in a rent condo. They also take 25% across the board (after insurance) and you have to pay a special tax just to work in Denver.

My condo was 1700 for 650 sq feet in a shit part of town.. I just bought a house in Lake Worth (2 minutes away from palm beach) for 170k and it's amazing. Glad to be moving and getting away from all the traffic. It literally takes you 1 hour to go 10 miles if you are on the roads anywhere between 6am-7pm.

If you do come, to live comfortable make sure you and your spouse have a combined income of over 100k net and don't expect to save a lot either on that.

Plus the highest fucking octane gas they sell here is 91.. Most people use 85. I've never even seen 85 before..

I pay what you were paying on that condo, and I have a nice little cabin on 1.5 acres on the side of a mountain. I fucking love it here. But then again, I'm an hour from the next closest town, and I wouldn't be able to make a living here if I didn't work from home. That said, $100k combined income seems like it would be tough to live comfortably anywhere decent. Also, fuck Denver!

Oh, and from my understanding (which is admittedly limited), 91 octane here is equivalent to 93 octane in Texas, so you're not getting jipped. It's certainly good enough to run in any vehicle that you would run on 93 down there, so that's a goofy reason to list for wanting out.

Back on topic, BTW.. At least it sounds like that would replace traditional health care. So while payroll tax would be going up, no more insurance premiums, right? Hell, my monthly (family) medical premiums are more than 10% of my income today.

This would be a 3.33% tax on the end user with the employer paying the other 6.67%. But shit, you're paying more than 10% towards your insurance premiums? Fuuuuuck.

I'm way against ColoradoCare, ObamaCare, etc, because I don't want the government running that shit, and I don't want to be forced into the same level of care as everyone else if I'm willing to pay more. That said, at 3.33%, this would also cost me a lot more than what I pay now for GOOD insurance through my job. I pay less than 1.5% towards premiums right now.

If this were to pass, I would be very interested to see how many, if any, Doctors flee the state.

I don't think they would. I talk with doctors all day every day for a living, and none of them seem freaked out by any of this. Heck, none of them have seemed freaked out by Obamacare, either. A surprising number of doctors I've talked to over the past 13 years doing this job are liberals.

What happened to all that extra tax revenue from pot?

A ton goes to schools. The state is doing well, I think.

Again, I don't think this crap will pass, and I don't think a whole lot of people in Colorado want anything like this at all. I certainly don't, but I'm staying either way.

There is a lot of crazy shit on the ballot here this year. For example, they are trying to pass assisted suicide, basically allowing people who are definitely going to die within 6 months to get a death pill that they can take when they are ready. I hope that passes.

[Snatch Napkin]

Excellent response.

[blandnuts]

When I lived in Denver about 5 years ago they did a big tax increase for the schools. It was also the year lots of money to "persuade" peoples votes came in from outside of Colorado.

It still has some of the best scenery.

[Sgt Beavis]

I've got no problem with this. If Coloradans want to do that to themselves, then so be it. I've always thought Obamacare was unconstitutional, but there is nothing stopping them from doing this at the state level. Good for them if that's what they want, they'll just have to live with the rewards or consequences.

[slingshot]

10% is just the starting point... the 'board' can vote to increase it as needed. It will be needed. Like every other gov't run health care program in history it will cost several times what was projected. 25-30% tax anyone? Plus your Federal Income Tax... and their State Income Tax. Fortunately it looks like it will fail at the ballot box but it will reappear under a different name in a different place.

As for Obummercare (or as it is officially known--the 'Unaffordable Care Act'), make no mistake, it is slowly starting to circle the drain in it's death spiral of increasing premiums, increasing cost and decreasing insurance company participation. Next you will hear a lot of talk about adding a 'Public Option'. It is all a part of the Left's grand plan to move to a 'Single Payer System'. The ACA was designed to fail from the start so Uncle Sam could come to the rescue and save the day with Socialized Medicine.

Want higher taxes? Check. Long waits for anything other than a sore throat? Check. Rationing of care? Check. Denials on MRI's CT's, elective surgeries, brand name meds of any kind, specialty referrals? Check. Anyone that can afford it will go to 'Private' doctors and hospitals. Want to see how it works? Look at England's system...

[Chili]

This would be a 3.33% tax on the end user with the employer paying the other 6.67%. But shit, you're paying more than 10% towards your insurance premiums? Fuuuuuck.

Well, over 10% of my base salary, but not total compensation. Keep in mind, I don't ball outta control like most stangers. I pay $7,176.52 per year for Medical, Dental and Vision ($276.02 every two weeks).. That is for the best PPO package offered here (Cigna Open Access Plus). And from what I have seen from others, that isn't too bad.

That does cover Lea, myself and all 3 kids, FWIW.

[jluv]

Well, over 10% of my base salary, but not total compensation. Keep in mind, I don't ball outta control like most stangers. I pay $7,176.52 per year for Medical, Dental and Vision ($276.02 every two weeks).. That is for the best PPO package offered here (Cigna Open Access Plus). And from what I have seen from others, that isn't too bad.

That does cover Lea, myself and all 3 kids, FWIW.

That doesn't seem too bad for the whole family. Mine is right around $200/month, just for me.