The nationwide movement to fully legalize marijuana and gambling has made significant gains during the past...

The nationwide movement to fully legalize marijuana and gambling has made significant gains during the past decade. Lotteries, riverboat casinos, and medical marijuana are a few examples of the movement to legalize things that were previously considered social taboo. In this essay address the following: Your opinion on the potential and/or full legalization of marijuana and gambling. What the potential benefits are to all three levels of government (Federal, State, & Local). What are the potential problems that would adversely effect public budgets.

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Ans.

Marijuana generates billions in tax revenue. Taxes on legal gambling and legal marijuana help in funding to state government. Gambling has been legalized as it provides tax revenue when additional tax revenue is difficult to collect from large corporations and wealthy individuals. However it is argued that legalized gambling will attract undesirable elements of society. The gambling profits will be used to find further illegal activities. Like gambling, marijuana legalization is twofold: to channel profit from marijuana sales away from organised Crimes where it can be used to promote public good, and to educate consumers about risk and dangers of marijuana consumption. Legalization must be done by strict regulations of promoting marijuana and create fair regulatory system. MacCoun and Reuter conclude that making government beneficiary of legal gambling has encouraged government to promote gambling. Legalized gambling in US has not reduce illegal gambling rather increased it.

Marijuana consumption is harmful for health such that it must be reduced. Marijuana legalization will increase its consumption and addiction rates will also increase among youths. Whereas opponent argue that it will create jobs and economic opportunities in firmal economy by legalizing. It also contains many medical ailments.

So by legalizing marijuana and gambling it will lead to economic growth as it generates tax revenue. But it must be promoted in a way such that it is not harmful for consumption nor it effects economy adversely. It is better than illegal gambling where no revenue is generated. For state the legalization will increase tax revenue but empirical evidence on effect of gambling on state revenue is limited. It is an attractive option for all levels of government. But lottery and horse racing increase revenue while casino reduce revenue of state government. Unlike Federal government state amd local government need more revenue to solve their problems.since gambling has high social costs so they must be restricted by federal government intervention.Legalization of marijuana and gambling will increase public cost. Such as for every one dollar paid as tax revenue, society loses 10 dollars in social cost i.e health damage or accident. It imposes negative externality in society.

Rahul Sunny answered 1 year ago

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