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Started By
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IRS Taxing Colorado Weed Stores Into Oblivion
Posted on 11/4/14 at 11:08 am
Posted on 11/4/14 at 11:08 am
quote:
Woolhiser first opened shop in 2010, selling medical marijuana. He started selling recreational pot when it became legal in Colorado at the start of this year. Last year, his business didn't earn a profit. Had he been selling anything but cannabis, he would not have owed federal income tax, as he ended up with a loss.
Instead, he ended up paying close to $20,000 to the IRS because of a 1980's tax code called 280E.
quote:
More states may legalize marijuana this year, but state laws don't change federal laws.
And barring any changes from Congress, new cannabis businesses in those states, along with the established shops in Colorado and Washington state, face a large, and possibly ruinous, tax bill come April 15.
LINK
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Posted on 11/4/14 at 11:10 am to Darth_Vader
frick the irs
Posted on 11/4/14 at 11:10 am to Darth_Vader
Haters keeping the dope man down.
Posted on 11/4/14 at 11:11 am to Darth_Vader
Good. It's should be legalized and taxed like everything else
Posted on 11/4/14 at 11:11 am to Darth_Vader
Stoners open head shops.
Forget/neglect to pay taxes.
IRS targets them for their taxes.
Forget/neglect to pay taxes.
IRS targets them for their taxes.
Posted on 11/4/14 at 11:11 am to Darth_Vader
Moonshiners didn't go out of business after prohibition for a reason. The Revenue Man is always there.
Posted on 11/4/14 at 11:12 am to Darth_Vader
quote:
Last year, his business didn't earn a profit.
bullshite. He's probably paying taxes he evaded
Posted on 11/4/14 at 11:14 am to Darth_Vader
well, of course they are. It's still against federal law.
Posted on 11/4/14 at 11:14 am to Darth_Vader
Posted on 11/4/14 at 11:14 am to Darth_Vader
If he's not passing the tax burden onto his patrons, then he shouldn't be running a business.
Posted on 11/4/14 at 11:15 am to Darth_Vader
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.
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.
Posted on 11/4/14 at 11:16 am to Darth_Vader
Well they tax the consumers out the arse
Posted on 11/4/14 at 11:25 am to Darth_Vader
And the prices will rise accordingly and things will continue.
Posted on 11/4/14 at 11:41 am to Darth_Vader
Thieves gonna thieve.
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 12:17 pm to Darth_Vader
quote:.
Instead, he ended up paying close to $20,000 to the IRS because of a 1980's tax code called 280E
20k is not a whole lot of tax for a business. Posted on 11/4/14 at 12:41 pm to Darth_Vader
Ah yes, the same IRS that a majority of this site rips for targeting conservative groups is now the white knight in the fight against that evil dope!
Posted on 11/4/14 at 1:02 pm to Darth_Vader
This is like the old story of the 2 dumb country boys selling watermelons.
We need to get a bigger truck!
We need to get a bigger truck!
Posted on 11/4/14 at 3:33 pm to Darth_Vader
quote:
IRS Taxing Colorado Weed Stores Into Oblivion
Seems like drug kingpins have more restraint than the IRS. Meh
Posted on 11/4/14 at 6:29 pm to Darth_Vader
Is anyone surprised by this?
I know for a fact I said at least 5 years ago. Legalize it and tax the hell out of it... that's what they are doing
I know for a fact I said at least 5 years ago. Legalize it and tax the hell out of it... that's what they are doing
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