More on the Drug Tax
Bill Hobbs notes that The Tennessean swallowed a press release hook, line and sinker. Bill notes the drug tax is costing more than it’s making (something I’ve already pointed out here many times). However . . .
Bill also says:
The Tennessean editorialized in favor of the tax on illegal drugs on April 14, 2004, and again on Jan. 1, 2005.
Back in December, before the law went into effect, Bill supported the idea and editorialized in favor of it:
This actually works – and is a pretty good idea, though it sounds a bit odd at first. The law will require sellers of illegal drugs to pay excise taxes, just legal businesses. Most drug-pushers won’t comply, of course, but the law can be used to assess back taxes on dealers who are caught by law enforcement, adding an additional financial penalty to their crimes while also bringing in a few extra dollars for the state budget.
In his comments, I told him it wouldn’t work. I was right.
