Colo. to decide marijuana taxes
Marijuana's journey in legalization takes another step in Colorado when voters decide whether to tax it more for the sake of schools and enforcement.
Proposition AA asks voters Tuesday whether to approve a 15 percent pot excise tax to pay for school construction, plus an extra sales tax of 10 percent to fund marijuana enforcement. The taxes are estimated to bring in $70 million a year.
Some pot activists oppose the tax, saying marijuana should be taxed like beer, which has a lower tax rate. Proponents of the tax, including pot legalization advocates, argue it's a chance to prove the marijuana industry can be beneficial.
Pot stores opening Jan. 1 will still be subjected to a 2.9 percent sales tax to fund marijuana regulation, regardless of Proposition AA's outcome.
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