I-502: Rushing toward a marijuana tax debacle?

As chair of the Finance Committee charged with oversight of tax policy, I have been studying the fiscal implications of the initiative’s tax model in more depth. While I remain unequivocally, 110% committed to the spirit of the initiative, and believe it can be successful, I now believe the letter of the law in how I-502′s tax formula and rates are designed is disconcertingly flawed. Given that the Liquor Control Board (LCB) is aggressively moving forward toward implementing the initiative in the tight time frame required, Washington may be faced with a historic failure of taxation with international implications for drug policy.