ECON 101 MW2
November 8, 2010
Why Medical Marijuana Is A Good Choice For The Economy
Medical marijuana is full of possible opportunities, some large and some small. One of the largest opportunities would be the governments ability of taxation. Medical marijuana can be used to relieve many types of conditions. It can be used to effectively relieve pain for individuals that suffer from serious conditions such as AIDs and Cancer, and also less serious conditions such as nausea and eating disorders.
Marijuana is by far less toxic than most of the prescription drugs that are prescribed every day to people suffering with a range of medical conditions. The pharmaceutical companies already have plenty of money to go around, why not let the government make some in tax. There are only fourteen states that have passed medical marijuana laws since 1996. America needs to listen to the thousands of very satisfied medical users and the thousands of scientists that prove medical marijuana is a smart choice, on top of the numerous economists that support and back it. It is time to change the federal laws on marijuana to allow medical use in every state and to be allowed to benefit from the revenue created by marijuana.
The government would be able to charge a sin tax on medical marijuana, making this a highly profitable item for them. The same type of sin tax that is on tobacco sales and liquor sales. A sin tax is normally a higher percentage than a regular sales tax. A Harvard economist has estimated that the government could raise $7billion in annual revenues if marijuana is taxed (Bineli). There is an estimated forty million users of marijuana either for medical use or recreational use in the United States. A recent government survey found one in ten people in the United States use marijuana on a semi regular basis, this includes medical and recreational.(NORML) Billions of dollars being brought in though the taxation of marijuana could be used to dwindle away our...
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