Source: @norml @WeedConnection
Posted By: norml@weedconnection.com
media :: news - Tue, 25 Nov 2014 04:20:21 PST
Congressional Research Service Publishes Report On Federal Government Taxing Marijuana
Washington, D.C.: The Congressional Research Service (CRS) released a comprehensive thirty five-page report last week examining the federal government establishing a wholesale excise tax on the production and sale of cannabis-related products.
In what is one of the most comprehensive policy and fiscal reviews to date of how cannabis can be taxed and regulated, numerous areas of consideration were reviewed including enforcement, discouraging youth use, choosing the base to tax (i.e., weight, potency and price), restrictions, labeling, measurement, special tax rates, home production and medical cannabis. Members of Congress initiate these reports to CRS.
CRS' economic analysis indicates that cannabis prices are likely to fall from today's prohibition-influenced prices of $200-$300 an ounce to as low $5-$18 ounce. Economic modeling based on a $40 billion annual cannabis market in the United States tests a $50 per ounce federal excise tax price point (generating nearly $7 billion in federal excise taxes).
When making the logical comparison of alcohol and cannabis' 'external costs' (i.e., taxation to equate with external costs of the drug use to society), researchers peg alcohol's external costs to the nation at $30 billion annually; cannabis, at $0.5 - $1.6 billion.
NORML Executive Director Allen St. Pierre commenting on the new CRS paper: "This CRS report on the prospects of the federal government taxing and regulating cannabis is another clear indication of the political saliency and fiscal appeal of ending cannabis prohibition at the state, and increasingly at the federal level (replacing the nearly eighty-year old failed federal policy with tax-n-regulate policies that are similar to alcohol and tobacco products).
With four states and the District of Columbia since 2012 opting for legalizing cannabis, dozens of members of Congress from both major political parties--from states with legalization and those that pine for it--are getting serious about making sure the federal government does not lose out on hundreds of millions annually in tax revenue from the ever-growing cannabis industry in the United States."
The Congressional Research Service report 'Federal Proposals to Tax Marijuana: An Economic Analysis' is found at https://fas.org/sgp/crs/misc/R43785.pdf
IRS Advisory Council OKs Marijuana-related Businesses For Accountants
Washington, D.C.: On Wednesday the IRS Advisory Council (IRSAC) released a report making a number of observations and recommendations to the Internal Revenue Service and federal policy makers relating to the need for greater latitude and legal protections (under the current federal anti-marijuana laws) for tax professionals who choose to work for clients who are in the cannabis industry.
"With over 20 states allowing medical marijuana and now states beginning to legalize recreational marijuana, this industry needs qualified, ethical professionals to help them fulfill their income tax obligations." IRSAC concluded, "...tax professionals need reassurance regarding their own roles in giving tax advice to and preparing tax returns for such businesses."
For more information, please contact Allen St. Pierre, NORML Executive Director, or Erik Altieri, NORML Communications Director, at (202) 483-5500. The applicable section regarding IRSAC's recommendations to policy makers about changing cannabis laws and customs are found at pages 25-27 of the report @ https://www.irs.gov/PUP/taxpros/2014-IRSAC-Full-Report.pdf
Chile Moves Regulations To Make Medical Cannabis Available
Also Seeking To Decriminalize Possession
Santiago, Chile: Bipartisan support in Chile for allowing qualified patients to legally access cannabis products as well as decriminalizing small amounts for adult possession (including allowing small-scale home cultivation) was on display in the House of Representatives' Health Committee. Representatives from numerous political parties unanimously voted these recommendations 10-0.
For more information, please contact Allen St. Pierre, NORML Executive Director, or Erik Altieri, NORML Communications Director, at (202) 483-5500. More info on Chilean government's efforts to reform cannabis laws found @ https://www.pagina12.com.ar/diario/ultimas/20-260192-2014-11-19.html
Join NORML Next Week For The 32nd Annual Key West Legal Seminar
Washington, DC: NORML is still accepting registrations from criminal defense lawyers who wish to attend the organization's 32nd annual Key West Legal Seminar.
This year's event will take place Thursday, December 4th to Saturday, December 6th at the Pier House Resort and Caribbean Spa in Key West, Florida. Join NORML's staff and many of the nation's top criminal defense attorneys in one of America's most 'pot-friendly' cities.
Presentations at this year's seminar include: 'The Science Is On Your Side: What You Need To Know About Cannabis and Psychomotor Performance'; 'Immigration Consequences of Marijuana Convictions'; 'Marijuana Businesses and Intellectual Property'; 'Medical Marijuana in Federal Court' and 'Challenging Interstate Highway Stops'.
Speakers at this year's conference include Ted Simon, current president of the National Association of Criminal Defense Lawyers (NACDL), Gerald Goldstein, past president of NACDL and legal counsel for the late-Hunter S. Thompson; NORML Legal Committee co-chair Michael Stepanian, intellectual property expert David Branfman, Esq.; immigration lawyer Tova Indritz and NORML deputy director Paul Armentano.
Conference agenda and registration information for the 32nd annual NORML Key West Legal Seminar is available online at https://norml.org/about/events/key-west-legal-seminar.
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