AnthonyBonannimarijuana

AnthonyBonannimarijuana - Anthony Bonanni Professor George...

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Anthony Bonanni Bonanni - 1 Professor George Diemer The American Economy 0858, Section 002 23 March 2011 Marijuana Should Be Legalized There are many benefits that go along with the legalization of marijuana. One of the biggest benefits that is argued by many advocates of legalization of marijuana is the opportunity to tax it. Along with the opportunity to tax marijuana, there would also be a lot of money saved by the government that would normally go towards paying for the prohibition enforcement of marijuana. With the legalization of marijuana, there is no need to enforce prohibition. Now those law enforcers that used to work to prohibit marijuana can now be used to help fight against more serious crimes like murder, rape, and robbery. A couple other important benefits to legalizing marijuana would be lowering the amount of crime related to drug dealing, and destroying the business of the illegal drug dealers. A very well known economist named Milton Friedman is a strong advocate of the legalization of marijuana. In an interview with Forbes Magazine concerning the debate over marijuana, Friedman said “ There is no logical basis for the prohibition of marijuana, $7.7 billion is a lot of money, but that is one of the lesser evils” (Milton Friedman: Legalize It!). The $7.7 billion he is referring to is the approximately the amount of money the government would save by cutting prohibition enforcement. This number was estimated in a report written
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by Jeffrey A. Miron, a professor of economics at Harvard University. Friedman along with over 500 other Bonanni - 2 economists signed this report, which is titled “The Budgetary Implications of Marijuana Prohibition.” In the statement by Friedman, he forgot to take into account the estimated revenue that would be gained if the sale of marijuana were to be taxed and regulated. It was estimated in the same report by Jeffrey A. Miron that legalization of marijuana would bring in tax revenue of $2.4 billion annually if it were taxed like a regular good and $6.2 billion annually if it were taxed similar to alcohol and tobacco. Because marijuana is known to have negative externalities, it gives the government a good reason to tax it similarly to the way we tax alcohol and tobacco. If the government followed through with that idea, they would have approximately $13.9 billion
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AnthonyBonannimarijuana - Anthony Bonanni Professor George...

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