Legalize Marijuana for the Taxes? It's No Pot of Gold

Learn from Colorado's folly. Unless Arizona does something about medical marijuana, legalization won't produce promised revenues.

Forty percent of the taxes on marijuana would be directed to the Department of Education for construction, maintenance and operation costs, including compensation of K-12 teachers. Another 40 percent would be set aside for full-day kindergarten programs. And 20 percent would go to the Department of Health Services for unspecified uses. Revenue from the taxes could not flow into the state's general fund, which would allow it to be spent for other purposes.

A store displays two identical TVs: One costs $575, the other is on sale for $533. Which do you choose?

I know this is a dumb question. However, this is the precise choice some Arizona residents will face if citizens pass the Regulation and Taxation of Marijuana Act — the state initiative seeking to decriminalize marijuana for recreational purposes.

Proponents arguing that...

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