CA: A Look At Tax Propositions And Legalizing Medical Marijuana

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There is an overwhelming number of propositions on this year’s statewide ballot. – 17 in total.

As part of our You Decide 2016 coverage we’re breaking down each one of these measures over the next several days.

In this report, Monte Francis takes a look at two tax measures and a move to legalize recreational marijuana.

The tax in Prop 55 is not new, but is an extension of a temporary tax increase approved by voters in the last election when they voted for Prop 30.

Prop 55 would extend that tax by 12 years, but only for Californians earning more than $250,000.

It’s estimated the tax would generate between four and $9 billion a year for public schools, and $2 billion dollars a year for health care for low-income patients.

Prop 56 would also help fund the state’s Medi-Cal program by hitting cigarette smokers where it hurts most – their wallets.

The measure proposes increasing the tax on a pack of cigarettes from 87 cents by $2 to $2.87.

The proposed tax on cigarettes may seem steep, but right now, California has one of the lowest cigarette taxes in the country. In New York, for example, the tax per pack is $4.35.

An equivalent tax would also apply to other tobacco products and e-cigarettes.

If it passes Prop 56 would bring in an addition one to $1.4 billion to state coffers during the next fiscal year.

If Prop 64 passes, California would become the fourth US state to legalize the use of recreational marijuana.

It would allow adults 21 and older to possess up to an ounce of marijuana, and would allow individuals to grow as many as six pot plants, Voters turned down a similar measure in 2010.

This time the initiative was partially bankrolled by former Facebook President Sean Parker, and is backed by Lieutenant Governor Gavin Newsom.

A 15 percent sales tax could generate more than a $1 billion annually for youth programs, environmental protection and law enforcement across the state.

News Moderator: Katelyn Baker
Full Article: A Look At Tax Propositions And Legalizing Medical Marijuana
Author: Staff
Contact: (510) 874-0242
Photo Credit: KTVU
Website: KTVU