Drugs, Marijuana, Quote of the Day, Tax Law

Pot Profits Are Up in Smoke Thanks to This Tax Law

Puff, puff, pass up your deductions.

An emerging industry that can provide hundreds of thousands of jobs is being held back by these crazy tax rates. We’re like any other small businesses, that just happens to be illegal in some states.

Betty Aldworth, deputy director of the National Cannabis Industry Association, commenting on a provision of the tax code that’s preventing those in the medical marijuana industry from taking standard business deductions, and forcing them to pay tax rates of up to 75 percent.

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