Weed Revenues
- Recreational marijuana sales in Illinois generated more than $10 million in tax revenue in January, putting the state on track to surpass Gov. J.B. Pritzker’s budget estimates.
The state collects sales tax and an additional cannabis tax on recreational marijuana sales. January sales generated more than $7.3 million in cannabis tax revenue and more than $3.1 million in sales tax revenue, according to the Illinois Department of Revenue.
Pritzker’s budget estimated the state would collect $28 million in cannabis tax revenue before June 30.
So $28 million by 30 June.
And Illinois is currently carrying.....$208 billion in debt.
We're seeing a slight problem here.
And Illinois is currently carrying.....$208 billion in debt.
We're seeing a slight problem here.
Labels: money questions
posted by SCC at 12:02 AM
49 Comments:
With all the money coming in from weed they should lower all the other taxes.
There's virtually no weed to sell now, supply is way behind demand. On top of that recreational grow space buildouts and 1st grows take time, some say more than a year to reach capacity.
And if this doesn’t balance all the budgets, next we
legalize recreational meth amphetamine! What a joke!
And Illinois is currently carrying.....$208 billion in debt.
Any guess on what the politically underfunded pensions add to the balance sheet debt?
Start at 208 times 3
Lol not enough to pay the interest on that
They are never gonna get close to making any real money with this legal weed. Its taxed to a point that it makes more sense to get it on the black market. And the spending never stops!
Illinois will declare bankruptcy within the next 4 years. Chicago will do the same. Chicago will have to sell off all of it’s assets to satisfy debts and pension obligations. Bad part is all loans will get first dibs of any money made selling assests. Pensions will get the remaining money. Doubtful it will shore up city pensions enough to keep them going. A sad mess courtesy of out criminal crooked politicians who stole us blind.
In 2018, the first year of legalized cannabis in California, the state earned slightly more than a third of its projected tax revenue, $345 mil instead of the 1 billion promised by lawmakers. Illinois is about a third of California in population size. Illegal sales of weed in Cali are at 80% what it was before legalization. Not much of a difference from pre legalization levels. It's a given that tax revenue from weed will be well below the pie in the sky predictions from lawmakers here. Illinois' finances are in dire straits and we have nowhere near the economic engine of Cali with their big tech money and exorbitant housing and living costs. Add in population losses and the push for a graduated state income tax and businesses will flee the state in droves, taking higher earners and their tax revenue with them. The legal cannabis movement is nothing more than a way to erode the cultural fabric of our state and increase the dependency of the lower classes on govt welfare. Combine that with the anti police movement to stop the enforcement of narcotics laws and all narcotics sales of all drugs will get the green light wink and nod to continue the drug trade without any worry of police getting in the way. While the spoiled, materialistic hipsters enjoy their high priced gourmet weed in west loop, wicker park, and uptown, and flee to the burbs when they have their 1.5 kids, those of us stuck in Chicago trying to raise a family will suffer the consequences---higher taxes and fees, criminality, and looming bankruptcy. Thank you Democrats.
Well, if all figures hold steady the state should be out of debt in a little over 3700 years. I wouldn’t hold my breath though.
That would be nice if the money wasn't already spent.
Still waiting for the major shoot out inside one of these places. I don't care how much private security they have, they are untested. Someone will at some point, there is just too much money involved.
It’s cheaper to get it from J.B. at Hinky Dink’s
Problem is/will be, you and I the middle class does not have enough money to pay off the debt.
I'm not a cop, but I support every thing you guys do and everything you are trying to fight for. Like you probably do, I am watching my pennies, and I go out of my way to avoid paying any taxes to the crooks in charge of the sh**thole state and cesspool city. I travel out of state frequently to Wisconsin and Indiana and time my purchases of gas, food, and hard goods so that they take place outside of Illannoy.
Similarly, if I were a drug user, and I'm not, I would perhaps buy something from a legal drug dealer just to have a legitimate receipt. All purchases after that would be made on the street. Sure, that would be buying from a criminal, but you wouldn't be paying exorbitant sales taxes. When you buy it from a legal drug dealer the criminals in Springfield or the criminals in City Hall end up with your money. Either way, you are buying marijuana from a crook, but you just won't spend as much buying it on the street. This is so obvious and proves that the criminals in Springfield and City Hall know nothing about economics nor basic human nature. And that is why my friends, the pie in the sky projections of revenue are nothing more than dogsh*t on the bottom of your shoe.
Stay Safe and keep your head on a swivel because Mx Imp is trying to stab you in the back.
Know what Illinois pays in interest on its current debt?
More than $12,000,000 a day. A day.
Do the math.
Anonymous said...
Illinois will declare bankruptcy within the next 4 years. Chicago will do the same. Chicago will have to sell off all of it’s assets to satisfy debts and pension obligations. Bad part is all loans will get first dibs of any money made selling assests. Pensions will get the remaining money. Doubtful it will shore up city pensions enough to keep them going. A sad mess courtesy of out criminal crooked politicians who stole us blind.
2/25/2020 02:40:00 AM
They are not bankrupt 30% to 40% of revenue goes into TIF Districts there is plenty of money pause funding these districts! Alderman O'Shea ignored me when I kept asking him about the TIF Districts when he was working at the gas station for charity they are all in on it.
They need to diversify product. Start selling cocaine
I am confused by all this rhetoric. So, if the supply cannot meet the demand...how does the state's heavy taxation on legal weed make a dent in the state's ridiculous debt? This is compounded, further by the state's inability to cross state lines for resource of said product to profit its almighty savior, "legal weed in Illinois", thanks to laws put into play by all these educated politicians. Conundrum!
With the weed dispensaries running out of weed, they will have to work a deal with a cartel to resupply. Their work seems to be semi legal now anyway. Probably tax them too.....
Weed tax is a non player. The gasoline tax alone in January pulled in 105 million dollars. The problem is the gas tax is protzkers private slush fund. Instead of using that to pay down debts he’s using that for roads, schools and over 2 billion dollars of nonsense ghetto after school mentoring programs. So instead of having municipalities fill that bill he’s doing it and 2 billion a year could be put into pensions, roads and paying down our junk rating. More waste.
If weed and gambling revenues don't fix the budget problems, maybe add State run brothels?
Just think, if the FED legalized weed and added their own massive tax on top of the Illinois tax. How much would you get then?
$208B is phony debt. I have a large mortgage but it's not due for 30 years.
Calm down, it all just numbers.
Will the 28 million even pay the debt service on the 208Billion? Didn't think so. So what is Plan B......yea another tax and fee increase. Phase one will tax the Rich when that fails tax everyone else all the while continuing to increase the Free Store giveaways. Predict Illinois will be first state to declare bankruptcy. Followed by CPS and Chicago itself.
The only way for Illinois to get out of debt, is to declare bankruptcy. This is the ONLY way that this shit-ass state is going to get above water. The idiots that keep voting in these shit-heads, who probably couldn't manage a neighborhood lemonade stand, are to blame for the mess this state is in.
Any update of our big ‘Chicago’ casino that will bring the city big money and shore up pension payments? That story seems to have disappeared. Is it still going to the deluxe area of Roosevelt and Kostner?
Anonymous Anonymous said...
With all the money coming in from weed they should lower all the other taxes.
2/25/2020 12:18:00 AM
Many municipalities would do and have done just that, but it'll NEVER happen in any democRATically controlled government
What Chicago and Illinois needs is a big beautiful majestic downtown casino. This would be real tax revenue and there will be no concerns of supply shortages like cannabis.
Hmmm where’s that windfall?
Dems worried and will blame The Wall and USMCA is hampering and slowing down revenues.
Cartel weed being repackaged and sold as boutique blends.
Oh the humanity. The processing farms can’t keep up with demands, licensing disparities are creating legal weeds’ deserts.
Folks wants their weeds’ and are taking it to the skreets to get it (not because there are penalties under law prohibiting such).
Turpin Durban might know of a lobbyist might be able to get that weed tax reduced, regulations lifted...to boost sales and tax revenue to help the people of course.
Btw, are legal weeds exempt from FDA surgeon general “May cause cancer, habit forming, don’t use while operating machinery or vehicles” warning labels?
There’s still options like soda pop tax and low flush toilet surcharge that will make up the difference.
If legal weeds‘ are taxed at 40% and idea what those City casinos will be forking over to Sanctuary City coffers?
JB Porterhouses graduated tax fail in Nov and next up will be a stab at taxing the pensions.
And banish that pipe dream that weed and slot machines will fund any Pension, especially those for First Responders.
Work part time at dispensary the flower will be coming online strongly by Sept we are told. How about it mayor the "pusher," pushing and pushing for more and more dope spots to open!
Dedicated to the elected morons the pusher your song,your anthem you could use it for your campaigns:
https://www.youtube.com/watch?v=3XqyGoE2Q4Y
Medical weed is great medicine, but pushing it getting people and the children hooked not so smart or is it?
Anonymous said...
With all the money coming in from weed they should lower all the other taxes.
2/25/2020 12:18:00 AM
Hahahahahahahaha now that's funny Illinois lower taxes....
Maybe they'll have the welfare people/folks not pay taxes,,,now that would be Illinois
I saw a receipt for pot sales from Illinois. Those prices drive the black market. The illegal growers in Colorado aren't growing for the local market. The giant commercial grows have taken over. The local black market growers can't sell it that cheap and keep the lights on so they are shipping it to other states. They don't have to move it themselves. People come to them. I was told that they can't grow enough to keep up with demand, that they could sell double of what they are currently growing. A pound was under $1000 for a while, it is back up to $1800.
I guess that is the reason I get pulled over when I drive through Nebraska, Wyoming, and Kansas regularly for no reason.
I asked the question before and if anybody knows the answer please help me out. If the legal weed sellers can't put their money in a bank because of federal law, how do they pay the city and state the sales taxes? Do they drop off giant bags of cash to city hall? How can the city and state legal put drug money into their bank accounts? Do they put it into some giant "fund" somewhere that doesn't involve a bank? I'm stumped!
XXX
Well, IF they take those millions in tax dollars and spend it on Powerball and Mega Millions tickets...
Has anyone ever heard a parent or grandparent tell others that they are so proud of their loved one being a burnout or stoner? Maybe the lady from yesterday's thread who related her heroin casual using son did not overdose but was drug poisoned. She was rather optimistic since he was about to graduate college and she tricked herself into believing her son had "great plans on the horizon". It all starts with just one puff from a marijuana cigarette and then your hooked for life.
Legalized gambling and now legalized pot as revenue streams. Note to democrats. If you created an environment where businesses can thrive and survive cutting the excessive taxes ending the over regulation, you can pave the road to prosperity and economic growth. Capitalism would thrive but you'd rather have socialism alive. Hint, actual economic growth is a viable solution to greater revenue streams.
You would rather see people in despair and misery on your social programs so you the elected officials can be the knight in shining armor providing for your constituents thereby enslaving them in a web of dependence.
What's the next vice as a revenue stream? Prostitution? Maybe not since those who produce and who are productive are getting fuc*ed by your oppressive taxing schemes to make everything equal in line with the Marxist philosophy of redistribution.
Can't wait to retire and light up!!!!
We’re .013% there, yay!
The problem is they're focusing on the wrong drug. Broke losers is Pots core demographic. If they legalize cocaine, the dispensary lines will be 8 blocks long every day made almost entirely of traders, bankers, entertainment executives, lawyers and cook county middle management paying top dollar for the product. You target what the rich assholes want, and that's how you go from a deficit to a surplus in less than a year. Plus, maybe it'll thin the herd a bit.
Madigan math. 28 mil in revenue equals 112 mil in new spending for us!
Who said this was going to fix the entire problem?
It would be interesting to see how much the stare has saved by not wasting officers time chasing weed, prosecutions (as rare as it might’ve been, and money from putting them in jail
Who cares! Spend, spend, spend, wheeeee! There is No accountability and no consequences for millionaire politicians. Wheeeeeee!
Bankruptcy would only be a bandaid on a cut artery. Everyone knows someone who filed for bankruptcy only to be eyeball deep in debt short time later considering doing it again in the 7 years allotted. 7 more long grueling years in this cesspool of a city. Please Lord let me get 7 more years and please Lord let the pension still be there. Interesting in 7 years I'll be eligible for pension and also eligible to file chapter 7.
"And Illinois is currently carrying.....$208 billion in debt.
We're seeing a slight problem here."
Just take a couple of puffs on your legal joint; it will all be good in a couple of minutes.
Anonymous Anonymous said...
Who cares! Spend, spend, spend, wheeeee! There is No accountability and no consequences for millionaire politicians. Wheeeeeee!
States politicians answer is to spend more and now the governor wants to amend the state constitution to allow a graduated income tax. Enough people are fleeing Illinois and this will make the top income people leave. Like it or not they pay more taxes, income and property along with more sales taxes
we are waiting for the arrival of Mr, Meth Head and his decommissioned Good Humour truck,can just see it now as he rounds the corner on a hot early evening with his bells jingling and his happy smile bringing chemical dreams to one and all.oh gosh just can't wait,ohh mommy the Meth mans here please mommy, all right dear get my purse.
anyone see the SSI shit bums lined up at the GOVS cannibis stores at 10,am to get their pot??all reject burnouts it appears to us and probably all on govt, assistance of some sort
"...It all starts with one puff of a marihuana cigarette and you are hooked for life..."
That's what happened to Jim on the show Taxi.
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