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Dope Tax – coming soon!

The legalization of marijuana is coming soon to a state near you. Bet on it.

Any time there is item, sector or product that can be taxed without hurting the hard core voters, it seems to make its way into our lives. Why? In this case, it’s easier than proposing just about any alternative. Soon to be introduced into Maryland, it passed a resolution in New Hampshire and is already law in Colorado and Washington. One U.S. internet site has a map and progress information – you can find it here - http://ow.ly/sGmka.

I would have never imagined this would occur but the amount of tax dollars is overwhelming. A 25% tax on an ounce of hooch priced at, say $400 per ounce, can quickly add up. Supplies are short  – or are they? If yes, we will certainly overcome that obstacle quickly.  It shouldn’t be hard to modify farm equipment once the tax system is adjusted for the growers of the green.

The introduction of marijuana into states will also create jobs on the auditing side. Care takers are already trying to beat the system by acquiring ‘patients’ so that their tax rate to purchase marijuana is much less that purchasing for recreation. For better or worse, marijuana is coming to your state and probably sooner than you know it.

So when you hear that a state budget is ‘going up in smoke’, it may mean something different than it did to Mom or Dad.

Mark Schuster, Partner

January 17, 2014

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