In this challeging economy, a Lexington Kentucky attorney has a solution for Kentucky's budget crisis: legalize and tax marijuana.
In a prepared statement, Attorney Gatewood Gailbraith, former political candidate for governor of Kentucky, states that Kentucky is looking for new sources of taxation and seems bent on adding a "sales tax" on services including our legal fees. However, he points out that "there is a much larger source of revenues lying untapped which will keep them out of our pockets and solve our budget problems for years to come." Galbraith's solution, tax marijuana.
In a letter to Kentucky Governor Steve Beshear, Galbraith argues that Kentucky should take advantage of this opportunity by studing ways to tax and regulate cannabis (marijuana and hemp) so as to help Kentuckians.
As an example, Galbraith calculates "that getting 30 joints per ounce, the Kentucky public consumes 114,000 ounces of marijuana per day. At a $100 per ounce tax, that would yield the Commonwealth an additional $511 MILLION in new taxes the first year. If we were the first [state] east of the Mississippi River to pass these laws, the income would be astronomical, dwarfing the gambling/casino commerce to Kentucky." Gatewood prepared a chart entitled "Are You Tough Enough for The Truth", wherein he states that "in 07, Kenucky was ranked 2nd in total domestic marijuana production wih most of this production going out of state". According to Gatewood's calculations, Kentucky could realize new annual income of at least $1,7893,283,200.00.
Note: The views contained herein by attoney Gatewood Galbraith regarding legalizing marijuana are the views and opinions of Gatewood Gailbraith and are not the views of the author. Documents received from attorney Gailbraith are used with permission of Gatewood Galibraith. It is illegal to use and / or possess and / or sell marijuana in the Commonwealth (State) of Kentucky.
Article by Lexington Kentucky criminal defense Attorney Stephen J. Isaacs, Isaacs Law Office.
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