Legalization of Cannabis In the Year 2023 By William Fowler

CANNANNEW REPORT

The California gold rush started two hundred years ago in Northern California and made the great State it is. Today, California has another gold rush but called the “green rush” with nuggets that are as good as gold. California is on the verge of having the largest cannabis industry in the world, and much wealth is derived from it. Much can be said about cannabis, but few investors or entrepreneurs think that they have a partner in their endeavors, called Uncle Sam and he wants his share of the wealth from these nuggets.   AUTHOR: William Fowler   UNCLE SAM AND HIS 70% EFFECTIVE TAX RATE The Green Rush entrepreneur or investor thought they were on easy street, with pocket full of cash, until they filed a federal tax return for 2018. They discover, through the federal audit, that they are critically wounded with an effective overall federal tax rate of 70% or more. Additionally, there is the possibility of fines, penalties, interest, etc. that they would be subject to,  if it is found there is participation in a money-laundering scheme with the illegal product called cannabis. If it is determined that they cannot prove of operating completely legal, then the IRS is capable and legally required to audit several years “before” they even started the plant-touching business! Remember, with the Internal Revenue Service, the burden of proof shifts to the taxpayer…so the entrepreneur must “prove” everything is legal within the cannabis touching business. LET’S DO THE MATH The California entrepreneur is only receiving thirty cents on the dollar, considering they are paying a 70% effective tax rate and the remaining thirty cent profits goes to paying friends or investors their hefty return on investment. The cannabis entrepreneur discovers, they cannot even file under the federal bankruptcy laws since it…

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Source : Legalization of Cannabis In the Year 2023 By William Fowler

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