As you probably already know, Illinois leads the Midwest (and is near the top in the nation) in outbound migration. When people who are moving out of our state are asked why, the number one reason, by a wide margin, is a one-word answer: taxes.
It's not just a couple of million dollars more, either. The Illinois Department of Revenue says that sales of recreational weed has produced nearly $121 million in tax revenue for Illinois, compared to about $99 million for wine, beer, and/or spirits.
I'm sure that you'll recall that recreational weed sales started in Illinois in January of 2020. MedicalMarijuana.net reports that total sales numbers, including both medical and recreational, topped $1 billion dollars by December. That’s over 14.5 million products sold, and 25% of …
There was some concern that Illinois wouldn't follow along with the federal government in extending the tax deadline, but at the end of last week, Governor Pritzker decided to get on board the tax deadline extension bandwagon.
Last night, I started getting emails and texts from some people I know who are pretty plugged-in to Illinois politics. When I say plugged-in, I mean they're obsessed with the political machinations of a state that has just been named (again) as one of America's most corrupt states.
We've talked before about how Illinois is not only leading the Midwest in outbound migration, but the entire nation. Study after study has asked those who are trying to leave why they want out of our state. Most, if not all, said there was one main reason.
When recreational marijuana sales became legal in Illinois last January, there were many thoughts and projections centered around the amount of money the new pot laws would bring into Illinois' coffers. In particular, many of us wondered about tax money generated by weed sales.