A Harvard economist has estimated how much money states would raise by legalizing and taxing marijuana and cocaine. In a podcast a while back, Harvard’s Jeffrey Miron told us that his estimates for what California would bring in from taxing marijuana are much smaller than some of the numbers that are floating around out there (including a $1.4 billion estimate from state officials). Since that interview, Miron has come out with a paper estimating, among other things, potential tax revenues from cocaine and marijuana. It turns out the big tax money is in cocaine.