Ease the Debt Crisis: Legalize Marijuana and Internet Gambling
This idea comes from Rep. Jared Polis (D—CO) in a Wall Street Journal editorial. By legalizing and taxing marijuana, the federal government would take in an additional $2.4 billion a year. I would’ve guessed a lot more than that, but what do I know?
By legalizing and regulating Internet gambling, we’d take in an additional $42 billion.
According to the editorial, these ideas don’t violate the Pledge of Allegiance to Grover Norquist that’s put so many Republicans in a straitjacket. It wouldn’t be a “new tax,” since it’s a matter of legalizing something that’s presently illegal.
Also, Arthur Laffer — yes, he of Ronald Reagan’s infamous Laffer Curve — suggests a one-year tax amnesty. If tax evaders had a one-year period in which they could pay everything they owe without any penalties, the federal government would bring in between $800 billion and $1 trillion over the next ten years.
This last point is probably moot: a proposed immigration reform law was defeated in 2007. If this law had passed, we’d be bringing in an additional $12 billion annually by 2012, and $48 billion by 2017.
Labels: Arthur Laffer, Jared Polis, Laffer Curve, legalize Internet gambling, legalize marijuana, Wall Street Journal
posted by Tom Harper @ 5:07 PM
7 Comments:
A Tax Amnesty?
Those that could really use it (read: the poor) would still be unable to pay it and those that could (read: the rich), they could pay it but refused to in the first place so why would an amnesty make them gracious enough to pay?
Close the loopholes!
Erik
I'd like an amnesty from the greed, bigotry, and stupidity. Where can I apply?
"Once something has been approved by the Government, It's no longer immoral."
- Rev. Lovejoy, and why mary jane ain't gonna be down at your local CVS any time soon.
Marijuana and gambling is not legal?
Who knew?
Erik: Unfortunately, the rich and powerful would never allow these loopholes to be closed.
JR: I don't know where you'd apply, but wherever that is, the line must be a mile long.
Randal: Can't argue with the Reverend.
Anonymous: Apparently not.
It's hard to predict what legalized marijuana might generate in tax revenues because people can grow it in a flower pot.
Legalizing online gambling is a really lousy idea. For one thing, when you sign up with CrapsWorld.com, you can't be sure the North Koreans or Saudi jihadist backers on the other end of the Internets connection are going to run honest games and play nice with your credit card information.
SW: I personally would never do any gambling online, for the reasons you stated. Plus, I'm not much into gambling anyway. But I'm still in favor of other people doing it if they want to, especially with all the tax dollars that'll bring in (supposedly).
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