It took the better part of a year, but the GOP and President Trump have their first major legislative win under their belts.
Though healthcare reform failed on many accounts, tax reform has not.
Marijuana: Last Week Tonight with John Oliver (HBO)
After some smoothing over, a reconciled tax bill between House Republicans and GOP Senators passed muster in Congress and won Thesis On Legalizing Weed Trump's signature to become law. The new law, known as the Tax Cuts and Jobs Act, has two primary purposes: For instance, individual taxpayers will find that some of the income ranges that correspond to a specific income-tax rate have been increased, while a few of the seven separate tax rates have been decreased.
Also, the standard deduction for single and married tax filers has been nearly doubled, while more info number of deductions and credits were eliminated.
Corporations might be an even bigger beneficiary. The thesis here is that putting more money into the pockets of businesses will allow them to hire more workers, boost the wages of Thesis On Legalizing Weed employees, and expand through reinvestment. However, not every industry is going to be able to take advantage of the new law. Marijuana companies that had been hoping for a reprieve from U.
No deduction or credit shall be allowed for any amount paid or incurred during the taxable year in carrying on any trade or business if such trade or business or the activities which comprise such trade or business consists of trafficking in controlled substances within the Thesis On Legalizing Weed of schedule I and II of the Controlled Substances Act which is prohibited here Federal law or the law of any State in which such trade or business is conducted.
In plainer English, because marijuana is still a Schedule I, and thus wholly illegal, drug at the federal level, pot businesses remain unable to take normal corporate income-tax deductions.
This tax rate is especially crippling considering that Marijuana Business Daily 's latest annual report forecasts legal U. He submitted an amendment for discussion that would have removed marijuana businesses from the constraints associated with E, allowing them to be taxed like a normal business. However, Gardner's amendment gained no traction and wasn't even voted on.
First, Republicans have a far more conservative view on the expansion of cannabis than do Democrats. And that's not the end of it by any means for pot companies. In addition to getting no reprieve Thesis On Legalizing Weed the GOP's legislation, Attorney General Jeff Sessions is waiting in the wings for any opportunity to pounce on medical-marijuana businesses operating in the 29 states that have legalized medical cannabis since Remember, this is an individual who believes that "good people don't smoke marijuana," and that medical cannabis isn't a proper way to deal with America's opioid crisis.
The only thing that's kept Sessions at bay is the Rohrabacher-Farr Amendment, which disallows the Justice Department from using federal dollars to prosecute medical cannabis businesses.
However, in September, the House Rules Committee blocked a vote on renewing the Rohrabacher-Blumenauer Amendment this is the same as the Rohrabacher-Farr Amendment, but with a different sponsor. Blocking this vote doesn't necessarily mean the amendment will be excluded in future federal budget discussions -- the Senate can always add it -- but it does remove one opportunity for medical-cannabis businesses to be protected.
This article was originally published on Benzinga. GreenWave Advisors is a New York City-based firm that provides financial analysis and research for the legal. Recently, a German judge has acquitted a Turkish drug dealer, fully understanding that he forcibly and undeniably violated a woman for four hours to the point of. We provide excellent essay writing service 24/7. Enjoy proficient essay writing and custom writing services provided by professional academic writers. List of argumentative essay topics includes topics grouped by college, easy, interesting, for middle school. Click for the list. Cardiff academy sports madison tn phone number, Essex how to purchase thesis on anthropology for money Omaha. looking for someone to write my thesis proposal on.
If neither GOP-controlled house of Congress adds the amendment to a longer-term federal spending bill, Sessions would be free to begin prosecuting pot businesses. Sure, the pasture is looking greener for most corporations heading intobut don't look for that same cheer among the marijuana industry. More From The Motley Fool. The Motley Fool has a disclosure policy.
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Motley Fool December 24, A man in a suit putting a business card in his pocket that reads, tax reforms. A hemp farmer pruning his plants.
Marijuana companies may actually face a double whammy And that's not the end of it by any means for pot companies. A judge's gavel next to a pile of cannabis buds. Recently Viewed Your list is empty. What to Read Next.