$1.3 Billion in Tax Revenue Seen in Legalizing Marijuana

California, home to 12% of the US population, is burdened with a $42 billion budget deficit.


Tom Ammiano, who was elected to the State Assembly in December 2008, has proposed legalizing marijuana to generate as much as $1.3 billion per year in tax revenue for the state.


The proposal has the support of the state's tax collecting authority but is opposed by the police association.


It is also supported by the California Association of Hippies, the West Coast Surfer's Union, and the United Gangstas of California.*


*Not real organizations.

Photograph by Graham Jeffrey

Banks Bailing on Deals

I bet when banks accepted taxpayer dollars, they did not expect people to tell them how to spend it. Well, surprise, surprise. Several banks have reneged on deals after getting pressure from Congress. The heat got so hot that Wells Fargo canceled a four day employee conference in Las Vegas. There were others too. Bank of America did not send executives to the World Economic Forum in Davos, Switzerland and Citigroup canceled the purchase of a luxury jet recently. Citigroup is also under fire for investing $400 million for the naming rights to the new stadium for the NY Mets. Citi Field is slated to open with the baseball season this Spring. The team and Citigroup deny that this deal will fall apart.

So, these banks say we're not using the bailout money for these projects. Should we still hold them accountable for how they run their business?