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Requirement
Prepare a literature review and analysis for the research paper about tax revenue and find another research paper that talk about the same issue( Amendment 64). Also if you can add another pro about Amendment 64.
Solution
Amendment 64 mainly developed to treat marijuana similarly to alcohol. Most of the people argued that Amendment 64 language is clearly implied, though it did not want that out-of-state and in-state residents are treated identically with regard to retail sales. It is mainly developed by the government to repeal a ban on the usage of small marijuana for everyone, whether resident or not. But out-of-stater can utilize it within the state; then they have permission to purchase it. But some other argued that the government should not give permission to out-of-staters to purchase marijuana. It exactly looked like a red flag that would awake the sleeping giant of federal law enforcement.
The main issue touched on federalism is peripheral. Tax revenue is considered as most attractive aspects of the amendment for some others. Amendment concludes that the legislature shall enact an excise tax that can be managed without developing an enforcement mechanism. But as per the Colorado law, any increment in new tax must be approved by the voters. Kamin (2012) conclude that high taxes would contravene the predetermining outlet of Amendment 64. This is required to treat marijuana more like alcohol. But there is large possibility that high tax on marijuana creates a black market. Due to the availability of black market, the price of taxed and regulated marijuana would become higher.
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In the research paper, the researcher applies the anticipated tax rate to the anticipated consumption amount to determine the profitability and consumption power of MMJ users. Marijuana is linked to both local and state sales taxes. The government imposed 15 percent excise tax on the wholesale growing cost of MMJ purchases (Stiffle 2012). It can be concluded that Medical Marijuana is suffering from a high tax rate which influences the overall sales growth of it. On the other hand, Marijuana is suffering from 2.9 percent state-level sales tax and 4.82 percent local level sales tax. State-level sales tax of Marijuana is lesser than local level sales tax. This influences the productivity of Marijuana in a positive manner. With the low-level tax rate, the Marijuana industry can earn high-level profit which grows the overall image of the organization in the existing market. With the low tax rate, the economic growth of the country also increases. So, it can be said that there should be low tax rate which facilitates various benefits to the marijuana industry. Marijuana alcohol influences the health of people negatively. So, it is necessary that government should take necessary steps to stop it. The high tax rate can be a good measure to prevent the use of marijuana by people. As per the scenario of Amendment 64, legalization will reduce production cost that will also decrease the amount of tax cost so that there is less concern about evasion affecting revenue. Industrial hemp is also considered as a significant provision of Amendment 64. The provision significantly linked with licensing of cultivation facilities, testing facilities, and retail stores. With the help of industrial hemp provision, the government can easily regulate and prohibit facilities related to the marijuana facilities.
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Kamin, S. (2012). Lessons Learned from the Governor's Task Force to Implement Amendment 64. Or. L. Rev., 91, 1337.
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Stiffler, C. (2012). Amendment 64 would produce $60 million in new revenue and savings for Colorado. [online] Available at: https://s3.amazonaws.com/prod_object_assets/assets/206586585114510/Amendment_64_would.pdf?AWSAccessKeyId=AKIAIXM6FRIC5QVSA63Q&Expires=1478165041&Signature=BYgniaiTAf3GFEOLCg8sQQhKKhc%3D#_=.
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