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LIGHT IT UP: Dems Big “Fix” to Budget Deficit? Legalize Pot.

May 16, 2017 By Staff
LIGHT IT UP: Dems Big “Fix” to Budget Deficit? Legalize Pot.

Connecticut Democratic sources told The CT Mirror on Tuesday that some in the party will propose legalizing and taxing pot to close the state's budget deficit.

Some Connecticut Democrats want high times to help solve Connecticut’s hard times.

Sources told The CT Mirror on Tuesday that members of the state’s Democratic caucus will propose legalizing, regulating, and taxing marijuana to help close the state’s budget deficit.

Senate and House Democrats will recommend the legalization, licensing and taxation of marijuana sales in Connecticut to help balance the next state budget, sources close to the caucus told The Mirror.

…Marijuana legalization would be just one component of a much larger plan, sources said, adding that the caucuses assume this would yield about $60 million in additional revenue for the state next fiscal year, and $180 million by 2018-19.

Reclaim Connecticut reported on this possibility in February. The nonpartisan Office of Fiscal Analysis (OFA) estimated taxing marijuana at 10.1 percent (like Massachusetts) would raise Connecticut $75 million over two years, while taxing marijuana at 27.9 percent (like Colorado) would raise the state $168 million over two years.

Legalizing marijuana has been a priority for Senate President Martin Looney (D-New Haven) since December.

Around $168 million in tax revenue would help close around 3.5 percent of Connecticut’s anticipated $4.7 billion two-year budget deficit.