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Started By
Message
re: IRS Taxing Colorado Weed Stores Into Oblivion
Posted on 11/4/14 at 11:40 am to TigerMyth36
Posted on 11/4/14 at 11:40 am to TigerMyth36
quote:
I've never understood the tax it to death option. Most people will still end up buying in the cheaper black market.
Keeping the price high, won't cut a single crime and will just push most people to get it the way they used to get it.
The stores know this. The successful retail shops are focusing on marijuana products (higher margins) as opposed to dry bud.
0
Posted on 11/4/14 at 11:41 am to iAmBatman
You'd be surprised at what is legal. Drug dealers can deduct cost of goods sold as a legal deduction.
Posted on 11/4/14 at 11:41 am to Darth_Vader
Thieves gonna thieve.
Posted on 11/4/14 at 11:42 am to The First Cut
I'm aware
Posted on 11/4/14 at 11:43 am to iAmBatman
Tax stamp or something? Or am I thinking of something else?
Posted on 11/4/14 at 11:44 am to iAmBatman
quote:
It's not that. There's a wrinkle in the tax law that illegal business have to file taxes even though it's illegal, which is what these people are doing. The problem is that running an illegal business doesn't give you the same tax deductions as running a legal one.
Congratulations on being the only person in this thread who actually read the article. These businesses that are legal where they exist are being subjected to a different tax code that makes it almost impossible for them to stay in business. The IRS is indirectly aiding the black market and the cartels, and it's obviously what they WANT.
Posted on 11/4/14 at 11:45 am to High C
quote:
The IRS is indirectly aiding the black market and the cartels, and it's obviously what they WANT.
"Look, folks, we've tried to legalize it. It doesn't work! People still buy off the black market. This is a waste of time."
People who don't understand economics will swallow it hook, line, and sinker.
Posted on 11/4/14 at 11:46 am to High C
I'd bet there are more than a few "small gov conservatives" happy about this.
Posted on 11/4/14 at 11:46 am to HempHead
Just came back from Colorado and there are weed stores everywhere so not sure how much they are hurting business.
Posted on 11/4/14 at 11:46 am to The First Cut
quote:
You'd be surprised at what is legal. Drug dealers can deduct cost of goods sold as a legal deduction.
Yeah? You get receipts when you buy weed?
Posted on 11/4/14 at 11:47 am to kevg33
quote:
Just came back from Colorado and there are weed stores everywhere so not sure how much they are hurting business.
Every person I know in CO still buys bud (but not other products) from a grey/black market seller. It's just so much cheaper.
Posted on 11/4/14 at 11:48 am to High C
I read that shitty, poorly-written article.
The IRS is enforcing the tax code to, get this, maximize taxes.
Any reasonably competent accountant would have told the owner what was going to happen and he would have adjusted pricing to reflect his true COGS.
Is the IRS specifically targeting this type of business? Probably.
Easy pickens'
The IRS is enforcing the tax code to, get this, maximize taxes.
Any reasonably competent accountant would have told the owner what was going to happen and he would have adjusted pricing to reflect his true COGS.
Is the IRS specifically targeting this type of business? Probably.
Easy pickens'
Posted on 11/4/14 at 11:51 am to VetteGuy
quote:
The IRS is enforcing the tax code to, get this, maximize taxes.
Is that fair? I was told the businesses should be fair in paying their taxes and not maximize the tax code as written to their benefit...
Posted on 11/4/14 at 11:52 am to HempHead
What is a grey market seller of drugs? I've never heard that term.
Posted on 11/4/14 at 11:53 am to Darth_Vader
I've never understood the people who use "tax and regulate" as a reason to legalize pot. If the idea is to get rid of the underground economy, this isn't the way to make it happen.
Posted on 11/4/14 at 11:54 am to GreatLakesTiger24
quote:
What is a grey market seller of drugs? I've never heard that term.
They exist in a 'grey' area in terms of legality. Their actions may explicitly be illegal but are de facto unregulated. Cops out West don't go out of their way to bust weed dealers.
Posted on 11/4/14 at 11:57 am to CadesCove
quote:
Cut him some slack. Trying to figure this stuff out when you're high is hard.
THIS is the kind of quality work that has been missing from this place for some time now.
Dude.
Posted on 11/4/14 at 11:57 am to VetteGuy
quote:
Any reasonably competent accountant would have told the owner what was going to happen and he would have adjusted pricing to reflect his true COGS.
Which reinforces my point. Pricing the legal good out of the market, thus helping those selling the good illegally.
Posted on 11/4/14 at 12:00 pm to VetteGuy
Didn't the stoners know that's the way it works? Businesses actually have to pay taxes brah.
Posted on 11/4/14 at 12:01 pm to bamarep
quote:
Didn't the stoners know that's the way it works? Businesses actually have to pay taxes brah.
Which is a shame, regardless of the business.
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