Thursday, July 16, 2009

If dope growers pay state taxes, will they also be paying federal taxes?

Calif tax officials: Legal pot would rake in $1.4B
TERRIFYING 57% TAX LOOMS FOR BIGGEST EARNERS That's NY, what will it be in CA?
legalize pot now

6 comments:

Dave Stancliff said...

I don't know why the Feds should get any money generated by the state.
Doesn't make sense to me.

A quick comment on related subject:
The Ammiano Bill (AB390) is a pie-in-the-sky projetion starting with the assumation of X-amount of ounces selling at $50 per ounce.
Without going through all the reasons why it's wrong to make people have high expectations(pun intended)let's just say if legalize pot it will bring money in to the state.
After the first year of legalization, then people can start making projections based on reality and not wishful thinking.

Rose said...

That's not the way taxes work, Dave.

The STATE would be entitled to ITS 12% - the FEDS would be entitled to whatever the new brackets Obama's horrific machine concocts - if the new top bracket is 57% feds plus 12% state - the bite could be 69%.

Fair is fair, Dave. Why should the restaurant owner have to pay it and the dope grower not? Why should the merchant have to pay it and the dope grower not?

And don't forget all the requisite business licenses and fees, and all the environmental compliance all regular LEGAL business have to pony up for - ONLY FAIR that the dope growers should be EQUAL in every single way.

Right?

This may be a good thing. Because when these guys who are accustomed to all that dough rolling in finally realize what taxes are like, we may see a tax revolution unlike anything you have ever seen. - but in the meantime, your boys in Congress and the President himself want to fleece the people who make the money. It is going to be poetic justice when the butcher bill comes due.

Rose said...

Here's a chart for ya, Dave - ◼ Top Effective Marginal Rates under Proposed Health Care Surtax by State

CA's total bite right now is 10.30% + 39.6 OR 51.18% - and if you add Congressman Thompson's new 5.4% surtax, 56.58%

NY is 8.97% + 39.6% OR 51.52% (56.92%)

That includes local, state, fed, medicare - NOT sales tax, excise tax, or any of the OTHER taxes we pay.

HFDean said...

Okay........so....is there any more doubt about the return of the liberal democrat mantra that has existed for over 100 years now?

DEMs: Raise Taxes, Grow Gov, Spend
REPs: Reduce Tax, Reduce Gov, Save

So, when will they learn once again? In November 2010 - yes that's right, we get it now.

Anonymous said...

REPs: Reduce Tax, Reduce Gov, Save


HA!!! You guys perfected that the past 8 years!

exrepublican said...

7:27,
I agree. Talk is cheap.....