Political Quotes

“I am here today standing up for the people of Oregon and recognizing their decision to legalize and regulate marijuana for recreational use in the State. Together with Senators Merkley and Bennet, I am introducing the Small Business Tax Equity Act, which will provide more equitable Federal tax treatment for small marijuana businesses who comply with State law. This comes after more than 56 percent of Oregonians voted for marijuana legalization. Congressman Blumenauer is introducing a companion bill in the House. Unlike its treatment of all other legal businesses, the tax code currently denies these marijuana businesses, legitimate businesses, the ability to deduct ordinary expenses. Expenses, such as employee pay and rent, that are essential to operating any successful small business. This is one piece of the equation as Federal tax inequalities for marijuana businesses extend beyond deductions. For example, other businesses are also eligible for the Work Opportunity Tax Credit for hiring veterans. Therefore the inability to make deductions, combined with other lost credits, often leads to these businesses paying an effective tax rate ranging from 65-75 percent; compared with other businesses who pay between 15-30 percent. This issue is not unique to Oregon. Oregon is one of four States, along with the District of Columbia, where voters have passed measures that permit the legal adult use and retail sale of marijuana.…”