Former House Rep. Barney Frank has been a promoter of legalizing marijuana (Creative Commons/massmerrier)

New bills will be introduced to Congress Tuesday proposing the legalization of marijuana and a federal tax on the drug. Both Democratic and Republican lawmakers have crafted two separate pieces of legislationindicating a 50 percent “pot tax” which they estimate will generate $20 billion a year according to the Associated Press.

Though the bill is said to be unlikely to pass, Democratic representatives Jared Polis and Earl Blumenauer say the measures will require growers to obtain a federal permit in states that legalize the substance and place a hefty tax on the sale between grower and retailer.

Polis’ bill proposing the forming of a new bureau re-named “Bureau of Alcohol, Tobacco, Marijuana and Firearms” for improved accountability.

The new bills are modeled after legislation pushed by congressmen Ron Paul and Barney Frank in 2011.

The states of Colorado and Washington voted to legalize pot in November; a movement lawmakers hope to use as an example to legalize on a federal level as taxes in the states have brought in millions.

Polis and Blumenauer plan to release their policy paper detailing their proposition this week. 

Reach Staff Reporter Kiran Kazalbash here.