Experts predicted the state’s newly legal recreational marijuana market would yield more than $70 million in taxes, fueling a huge tax rebate for residents. That didn’t happen.Colorado’s recreational marijuana program is underperforming.It’s a grim fact but an important one, somehow lost in a flurry of sensational media stories claiming the state sold so much pot it’s showering citizens in refunds.The truth is less exciting. According to the Colorado Department of Revenue, the state collected $44 million in taxes from recreational marijuana in 2014, $25 million less than predicted. Recreational marijuana sales didn’t merely fail to surpass expectations, they failed to meet them.In the absence of these facts, the it’s-raining-pot-refunds-in-Colorado concept took off.The mess began with a local Associated Press article, which mentioned a state tax refund, then failed to clarify that it wasn’t related to marijuana revenues, said Tim Hoover, spokesman for the Colorado Fiscal Institute. Shortly after the story ran, High Times ran a piece under the headline Pot Is Making Colorado So Much Money They Literally Have to Give Some Back to Residents.In a matter of days, the story went global. From The Huffington Post to Rolling Stone, MarketWatch to the BBC, the “doobie dividend” saga won the day. Reports that the inaugural year was “too successful“ led to claims that the state would be doling out anywhere from $30 million to $100 million in tax refunds.The claims were false. “Pot sales have nothing to do with this refund,” Hoover told The Daily Beast. “Pot sales were less than expected.” The CFI spokesman, who has seen the false narrative make its way from TV pundits to the Dow Jones newswire to local news in Asia, says he is frustrated at how far the lie has traveled. “There was no bonanza,” he said.Part of the problem with the pot refund story is that a small part of it—the refund—is true. In a state with one of the strictest tax and expenditure limitations in the country, Colorado operates under a Taxpayer Bill of Rights called TABOR. According to … – Click Here To Visit Article Source