Will taxing marijuana work?

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I just recently saw something on the news about a group trying to legalize marijuana. Part of their reasoning is the money it would save on law enforcement not wasting time pursuing it as a criminal offense (I agree), and the fact that the government can make money by taxing it (I disagree). So my question to all of you is this: Will marijuana become a widely purchased item like tobacco and be taxed heavily, or will pot start showing up in the backyards and patios of homes across America and not be taxed at all?