Under current law, a number of federal fiscal policies are scheduled to take effect on January 1, 2013, that will reduce the deficit by an estimated $534 billion in 2013. The reduced deficit is achieved by raising $4.93 in taxes for every $1.00 in spending cuts. If Congress and the President do not act, then federal fiscal policy will be significantly tighter. The combination of rapidly tightening fiscal policy and slow economic growth will likely...

Colorado began receiving MSA payments in 1999. The state legislature has changed how it has used this money over time. Currently, most of the payments goes to programs in the Department of Health Care Policy and Financing and the Department of Public Health and Environment, though other departments receive payments as well.

Colorado's Taxpayer's Bill of Rights (TABOR) requires voter approval of any new taxes. Prior to voter approval, it also requires that voters receive estimates of state spending without new taxes and the new tax revenue. This issue brief provides background information on one of the consequences of actual collections differing from what was provided to voters.

Three state taxes apply to marijuana, but medical and retail marijuana are taxed differently. Both medical and retail marijuana are subject to the 2.9 percent state sales tax, which is applied to most purchases in the state. Tax revenue collected from the sale of marijuana is deposited in two different funds: the Building Excellent Schools Today (BEST) Fund and the Marijuana Tax Cash Fund (MCTF)