How much would Legalizing Weed and Gambling help economy?

[5 star bomb]

If Marijuana and Gambling were legalized and taxed would it help the economy much?

[Iwinyourmoney]

Weed alone would do it. Place a heavy tax on it and this country would be rich

[Slim]

Weed is sorta legal in Boston. You can carry up to an ounce and no jail just a fine.

[TPowell]

^ is this true??

[pavyracer]

If Marijuana and Gambling were legalized and taxed would it help the economy much?

It depends. If the gambling losses are taxed it would fix the budget deficit because 99% of people here lose money.

[ElCapitan]

Neither of these would ever happen because it would be next to impossible for the government to control it and make sure they were getting their cut. Believe me, if the government could find a way to tax weed it would already be legal. It is no different than alcohol, IMO - and some might argue that it's better. The same thing with gambling - if they could get their hands around the majority of it, it would be legal already.

[curious]

If Marijuana and Gambling were legalized and taxed would it help the economy much?

More important than the tax income would be the drastic reduction of crime and the release from prison of millions of non-violent "criminals". I think all drugs should be legal. Heavily regulated, taxed, and given to addicts at a very small fee, as they do in Holland, Denmark, Sweden, and other countries that have emerged from Medieval times.

The best way to get the drug cartels and the street gangs out of the drug business is to remove the profit motive. Legalizing drugs would greatly reduce their cost and drive the criminals out of the business. Giving addicts access to low cost drugs means that they don't have to commit crimes to obtain them.

Release of the millions of non-violent "criminals" whose only offense is simple possession or sale of what they needed to sell to support their habit would greatly reduce expenditures in the criminal injustice system and would give these people an opportunity to be productive members of society.

There are more people in prison in the United States now for simple drug charges than were in the gulag archipelago at the height of the Stalin era.

This, of course, will never happen because the so-called "Christians" will oppose legalized drugs in the name of "morality". Yet, running a gulag and filling it with people whose only crime is dependency on a chemical substance is somehow "moral".

[flyingillini]

We have 8 stores that sell it within 9 miles here in Santa Barbara.

[Boner_18]

Weed is sorta legal in Boston. You can carry up to an ounce and no jail just a fine.

It is decriminalized in MA. And this is for the 1st time up to an ounce, it's like a ticket for jaywalking. Get caught twice and all the old rules apply.

[pico]

wow, only 1 freebie. btw, the fine is 100 bucks

[pavyracer]

Neither of these would ever happen because it would be next to impossible for the government to control it and make sure they were getting their cut. Believe me, if the government could find a way to tax weed it would already be legal. It is no different than alcohol, IMO - and some might argue that it's better. The same thing with gambling - if they could get their hands around the majority of it, it would be legal already.

Actually in Europe sports gambling in regulated by the government. Some countries have up to 20% tax. Basically if you want to lay $110 on a team you pay the cashier at the bookie an additional 20% which the government collects as tax because it is printed on your ticket. The winnings are not taxed though.

[Boner_18]

Well currently gambling receives favorable tax treatment anyway. The losses are deductible to the extent of gains and these losses are not subject to the 2% floor of miscellaneous itemized deductions. I would prefer this regime to a fully regulated "hands on" gov't approach...

[Slim]

Actually in Europe sports gambling in regulated by the government. Some countries have up to 20% tax. Basically if you want to lay $110 on a team you pay the cashier at the bookie an additional 20% which the government collects as tax because it is printed on your ticket. The winnings are not taxed though.

So you lay $132 to win $100?

[ElCapitan]

Well currently gambling receives favorable tax treatment anyway. The losses are deductible to the extent of gains and these losses are not subject to the 2% floor of miscellaneous itemized deductions. I would prefer this regime to a fully regulated "hands on" gov't approach...

You are correct. Losses to things like state lotteries, casinos, and legal sports books are deductible. Try writing off your losses to the "not-so-legal" side of things and the IRS could possibly come back and say, "Oh, you lost $5k? Ok, who did that 5k go to because we need to make sure they were taxed on that income." And you do keep all your receipts, right?

No person in their right mind tries to deduct losses to off-shores or locals.

[pavyracer]

So you lay $132 to win $100?

Yes. But it is legal. The government is happy because they collect money from the gamblers and not from people that don't gamble. Think of it as a sales tax on bets. But if you win $10,000 on a parlay it is tax free!

[ryanspeer2001]

Yes. But it is legal. The government is happy because they collect money from the gamblers and not from people that don't gamble. Think of it as a sales tax on bets. But if you win $10,000 on a parlay it is tax free!

If legal gambling happens here and we see a similar case of having to regularly lay down 132/100 I will not be playing at any legal joint. Sadly this will give the offshore and locals pull to give higher juice say 25 cent and its still better than legalized gaming.

[ChuteBoxe]

So you lay $132 to win $100?

Jesus Cristo! That's some massive chalk to lay on EVERY bet.

[jtuck]

Now way I'd lay -132 on sides. Paying 75 for an eighth of good legal buds is a different story though. Definitely wouldn't hurt the economy at all.

[Richkas]

I would start booking if it were legalized and offer free points on sides and totals, and then when people win tell them to phuck off and collect from the losers.

[Willie Bee]

Just remember: If the federal government legalizes pot, it doesn't mean your employer won't still have the right to ask you to pee in a cup as a term of your employment. And the federal government will not be able to legalize gambling across the board until they get a super majority of the states to agree to all of the terms and conditions (i.e., until the states are satisfied they will get their fair share of the pie).

[tahoerichie]

Now way I'd lay -132 on sides. Paying 75 for an eighth of good legal buds is a different story though. Definitely wouldn't hurt the economy at all.

75...Ouch. South shore is an example of why the government can't control it and price it accordingly. There are so many people "legally" growing it that the price has been driven down to 35 an eighth for the best o da best. Our first pot collective just opened in town so i'm wondering how it'll do with so many home growers. WTF am I thinking...it'll do just fine
Come on out for a ski and smoke vacation

[PuckOff]

Weed is sorta legal in Boston. You can carry up to an ounce and no jail just a fine.

No fine or jail in Canada. Police turn a blind eye to small quantities like an ounce or 4.

[pavyracer]

Jesus Cristo! That's some massive chalk to lay on EVERY bet.

Did putting tax on cigarettes stop smokers from bying them? A pack of Marlboros costs less than a $1 to produce but it costs you $3 or more at the store because of taxes.

It is the same concept with legalized sports gambling. If you have to pay a 20% tax (juice) to the government for every bet but it is perfectly legal then I don't see a problem because the tax money will be used for education, job training etc and the sport gamblers in the US will not have to play offshore illegally.

[jayc88]

[gm_mets85]

Just remember: If the federal government legalizes pot, it doesn't mean your employer won't still have the right to ask you to pee in a cup as a term of your employment. And the federal government will not be able to legalize gambling across the board until they get a super majority of the states to agree to all of the terms and conditions (i.e., until the states are satisfied they will get their fair share of the pie).

It is not a State issue it is a Federal issue because it deals with trade across country boundaries. Federal law always takes precedent over State laws so if the federal government made it legal States would have to abide because this is a federal issue.

[Willie Bee]

If you mean on-line gambling, you are correct. But the title of this thread states strictly 'gambling' and doesn't specify. It would still be a state-by-state issue whether or not they open casinos or other edifices for sports gambling. Certain types of gambling are already in the hands of each state.

And in the end, it will need the support of the states, or their reps in Congress, to make it a federal law.

[THEGREAT30]

You need to start small villages where u can enact your own laws. They are usually called hoods or slums, it's legal there and the economy is always booming because their are no taxes.