Crack Tax Redux
New York is facing a budget shortfall this coming year. Governor Eliot Spitzer has an interesting idea about how to fill the gap: a crack tax. I've written about these taxes before. Many states have these taxes (21 at last count); however, they sometimes don't survive the courts.
In any case, Governor Spitzer's proposal is to tax marijuana $3.50/gram and cocaine $200.00/gram. The proposal is estimated to bring in $13 million if it is enacted into law.
That doesn't seem certain. Jeffrion Aubry (D-Queens) vows to fight this "boneheaded" proposal. And given that it would only bring in $13 million, other revenue enhancers (or cuts in spending) will be needed to balance New York's budget.
News Story: Washington Post
In any case, Governor Spitzer's proposal is to tax marijuana $3.50/gram and cocaine $200.00/gram. The proposal is estimated to bring in $13 million if it is enacted into law.
That doesn't seem certain. Jeffrion Aubry (D-Queens) vows to fight this "boneheaded" proposal. And given that it would only bring in $13 million, other revenue enhancers (or cuts in spending) will be needed to balance New York's budget.
News Story: Washington Post