Colorado declares a tax-free marijuana day

On Wednesday, citizens in Colorado will enjoy a one-day tax-free holiday on recreational marijuana.

At The Grass Station near downtown Denver, a dozen shoppers were in line before doors opened.

This tax news comes just as Colorado’s “marijuana tax holiday” takes place.

Recreational marijuana is taxed at a much higher rate in Colorado, and the alcohol figures did not include a state-wide 2.9% sales tax.

Pot is a boon for tax revenues in Colorado, outpacing revenue from alcohol taxes in the fiscal year ending on June 30.

The common sense enthusiasts responsible for forever altering how America views marijuana legalization notes the obvious – the most recent numbers demonstrate that responsible marijuana consumers are generating some much needed cold hard cash in the Centennial State, and deserve a one-day reprieve.

In this case, the pot taxes were projected to raise $70 million in 2014.

Colorado saw a sales increase past year in all three tax classes of alcohol.

The legislation was championed by Conservatives and is described by the Bell Policy Center as “the most restrictive tax and spending limitation in the country”.

When Proposition AA passed in 2013, a 15 percent excise tax and 10 percent special tax went into effect on all retail marijuana sold in the state of Colorado.

The tax will return to 25% on Thursday but state law requires an automatic suspension of any new taxes due to the accounting error.

The holiday is the result of Colorado’s complex Taxpayer’s Bill of Rights and could ultimately cost the state $3 million to $4 million in revenue.

Morgan said he hoped to move up to 100 pounds of marijuana by the end of Wednesday, which would mean $30,000 in savings.

You’d have to be in total denial to say this is not related to legalizing marijuana.

Economist Daniel Rees pointed out that beer sales growth didn’t even keep up with population growth in the a year ago , estimated at about 1.7 percent between 2014 and 2015.

“A lot of people are coming in and (talking) about the discount”, said Juan Somera, manager of Denver’s Discreet Dispensary.