- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Tax Day is source of unhappiness for marijuana industry
Posted on 4/15/15 at 1:32 pm to Darth_Vader
Posted on 4/15/15 at 1:32 pm to Darth_Vader
quote:
“If someone spends $100 in our store, $77 of it is going to some form of tax – that’s federal, state, sales, whatever,” said Tim Thompson, co-owner of a pot shop called Altitude in Prosser, Wash.
This is a lie. 100% a lie.
0
Posted on 4/15/15 at 1:41 pm to Darth_Vader
I'm not a big pot proponent, but it's pretty crazy for a business to have to pay "income" or "corporate" tax on every dollar of revenue.
As most of you know, most businesses only pay taxes on the net profit.
I guess that really explains why CO's black market prices are supposedly about 1/3 of the store price.
Seems like I also heard that banks will not do biz with these stores, because all of their transactions are illegal. I wonder if that means no credit card processing either? Bunch of cash floating around, I guess... Their security must be quite a challenge.
Or does that just make it easier not to report the revenue?
As most of you know, most businesses only pay taxes on the net profit.
I guess that really explains why CO's black market prices are supposedly about 1/3 of the store price.
Seems like I also heard that banks will not do biz with these stores, because all of their transactions are illegal. I wonder if that means no credit card processing either? Bunch of cash floating around, I guess... Their security must be quite a challenge.
Or does that just make it easier not to report the revenue?
Posted on 4/15/15 at 1:47 pm to Darth_Vader
That's why you open a club and sell memberships or sell tokens only redeemable at your store.
Posted on 4/15/15 at 1:48 pm to Hazelnut
quote:
They can write off their cost of goods sold.
It doesn't mention in the link that they can even do this (that I saw.)
Posted on 4/15/15 at 1:54 pm to Grassy1
quote:
It doesn't mention in the link that they can even do this (that I saw.)
If the IRS views them the same as any other illegal drug dealer, then they're allowed to deduct it.
Posted on 4/15/15 at 2:08 pm to GreatLakesTiger24
No shite, frick taxes.
Page 3 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News