taxes

Thanks to a new state law, Washingtonians with valid medical marijuana cards will now enjoy a reduction in tax on their cannabis, The Seattle Times reports. Washington State's 37% tax rate for recreational cannabis ranks among the highest in the nation. For instance, neighboring Oregon’s is...

National Economic Council (NEC) director Lael Brainard appeared on CNBC Friday morning, touting President Joe Biden‘s economic plan amid budget concerns and new job data. Nonfarm Payroll Data: The Bureau of Labor Statistics reported nonfarm payrolls had increased by 272,000 in May, far above...

Cannabis companies are bracing for a cash flow boost. President Biden's decision to reschedule cannabis could free up over a billion dollars in tax breaks thanks to the elimination of the burdensome IRS code 280E. This tax code currently prevents cannabis businesses from deducting normal...

In May 2024, the Illinois Department of Financial and Professional Regulation noted a significant increase in adult-use cannabis sales, amounting to $144.5 million – a 9.5% rise from April 2023’s $132 million. However, sales experienced a slight decline from March’s $148.9 million...

The U.S. has taken a firm stance against a proposed global wealth tax on billionaires, as announced Monday by Treasury Secretary Janet Yellen. This idea, championed by Brazil, France and other nations, aims to reduce economic inequality by targeting the global billionaires. Yellen emphasized that...

Tesla CEO Elon Musk seems to think biopharma giant Pfizer, Inc. (NYSE:PFE) has dodged taxes despite high profits. What Happened: The issue began on X, the platform Musk owns, where Ashley St. Clair, a contributor to satirical outlet The Babylon Bee,...

In a significant shift for the cannabis industry, marijuana is set to be reclassified as a Schedule 3 controlled substance. While this change does not address the ongoing federal prohibition, removal of the 280E IRS tax code will have substantial consequences for the cannabis space, particularly...

Roger Ver, a prominent figure in the early days of Bitcoin (CRYPTO: BTC) and known as “Bitcoin Jesus,” has been arrested in Spain and charged with mail fraud, tax evasion, and filing false tax returns. The U.S. Department of Justice alleges that Ver evaded nearly $50 million in taxes....

Cannabis companies in California are facing a massive debt issue, with unpaid taxes totaling $732 million. The bulk of this debt, approximately 72%, is owed by businesses that have already shut down, posing a huge challenge to the state to recover these funds. Greenwave Advisors analyzed data from...

The Canadian government has announced several new tax increases in the latest budget released this week to cope with its debt. The country’s capital gains tax will spike to 67% for earnings surpassing $250,000 in the year. This establishes Canada as the nation with the world’s highest...

Sen. Elizabeth Warren went on the offense attacking Donald Trump for his record while serving as president of the U.S. after winning the 2016 election. What Happened: In a tight race between Trump and President Joe Biden in the 2024 presidential election, both candidates are reminding voters of...

There are tons of interesting tidbits about Tax Day. According to the Internal Revenue Service (IRS): Officers answered more than one million taxpayer phone calls this season. They processed over 100 million individual tax returns through April 6. Tens of millions more filings will be made on the...

As the tax filing deadline of April 15 approaches, it's intriguing to examine the fiscal challenges and structural injustices faced by the cannabis industry. That's why we've prepared some back-of-the-envelope calculations: The cannabis sector has contributed significantly to states...

The Internal Revenue Service (IRS) recently cleared up confusion for cannabis businesses regarding cash transactions and tax reporting. The agency issued a memo emphasizing that involvement in the federally prohibited marijuana industry should not automatically trigger suspicion when reporting...

President Joe Biden is anticipated to propose tax hikes on the wealthiest Americans and large corporations as a strategy to reduce the nation’s massive debt. In his third State of the Union address since taking office in 2021, scheduled for Thursday, Biden plans to introduce a minimum tax...