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Asume in Colorado the tax is levied on consumption of marijuana at a rate of 20%. Also suppose that most marijana users in this area, on average, young working adults between the ages of 22 and 32 with average income of$80 000 per year. These consumers spend, on average, 5% of their yearly income on marijuana. High shool and college students on the other hand, have a average income of $10 000 per year and spend only about 2% of their yearly income on marijuana.
a) When considering income as the tax base, is this tax proportional, regressive or prgressive?
b) Would you say that the earmarking of marijuana tax revenue for college scholarship is fair according to the benefit principle?
c) Evaluate the overall fairness of this tax.
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