The federal marijuana legalization bill passed in a historic vote last week by the U.S. House of Representatives would generate about $13.7 billion in net revenue for the U.S. Treasury over the next decade, according to a new report by the Congressional Budget Office (CBO). It would also cut federal prison spending by nearly $1 billion. Most of the new funds—roughly $8 billion—would come from business taxes on the legal marijuana industry, such as income and payroll taxes. A separate excise tax, initially based on the price of cannabis products, is estimated to yield another $5.7 billion.“CBO and the staff of the Joint Committee on Taxation estimate that H.R. 3884 would increase revenues, on net, by about $13.7 billion over the 2021-2030 period,” says the nonpartisan report, published Friday.
Kyle Jaeger, Marijuana Moment, 12/07/2020 08:14:00
Open article: https://www.marijuanamoment.net/house-passed-marijuana-legalization-bill-would-add-13-7b-to-federal-budget-congressional-analysts-say/