After years of political wrangling and lobbying by advocacy groups, New York state has legalized cannabis for adult recreational use in a move that’s expected to shake up the industry, inspire other states to follow suit and help light a fire under the effort to reform the U.S.’s still-strict cannabis laws. However, some experts say the state’s 13% tax may be too high to compete with New York’s robust black market.
“ ‘The legal market needs a trifecta of the same product, same services and cost that is somewhat competitive with the black market.’ ” “That sets a new bar on social equity, and it’s an important part of eliminating the black market,” said DiPisa. “You need to provide an entry point for individuals that have been involved in the industry for years. Without that, the black market will continue.”
“ Cannabis products will be subject to a 13% tax in New York state, 9% of which will be directed to state coffers and 4% to localities. ” The program will also create a new state regulator to oversee products. Some of the revenue raised will be diverted for reinvestment in communities that were most impacted by draconian drug laws in the form of education, drug treatment and prevention programs.
28% corporate income tax. 13% state tax. Then add the 6.5% state corporate tax rate. Then average a 2% property tax rate. You’re now getting taxed 50% of your pre expense income. Then add in the self employment tax, excise tax, social security, payroll tax. Yea, I’m good.
13% on a recreational product isn’t bad at all. Just make it part of the stated cost and nobody will bat an eye
lol, another NYC high tax ripoff
EllleDe Taxes are high as hell here in Chicago.
Isn’t this the whole point about legalising cannabis from a legislation POV. It can be controlled and taxed. It’s not a bad thing if the taxes are pointed at the right outcomes.
Hasn't stopped cigarette smokers
“Coffers” government terminology for “pimping” 😉🤣😂😂😂
Lol there’s ALWAYS gonna be a black market for everything as long as there’s a demand for it...
I'll pay whatever as long as I never have to hangout with the guy selling it to me.
That’s about half of what IL taxes cannabis at. Yes. You read that correctly. NY is actually “blazing” a trail toward less taxes on cannabis.
Let them tax, we can do with that later, we just need it legal first🤙
They tax it 20% in MA for recreational use! 9% is a deal compared to that.
Do you think this is what people really need right now?
dont delete the plugs number just yet lol
beatrice_ermias has done me so well, $53,000 profit in just 120 hours.
Nope, too low
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