February 3, 2021
WASHINGTON – Today, the United States Department of the Treasury announced the appointment of new members of key staff. This diverse and deeply experienced team is prepared to deliver results for the American people by getting the economy back on track, strengthening the financial system, and restoring jobs.
Clement Abonyi Jr., Special Assistant, Legislative Affairs
Clement Abonyi, Jr. is a legislative policy and process professional who specializes in financial services matters. Most recently, he served as Director of Member Services to Chairwoman Maxine Waters of the House Committee on Financial Services. In that capacity, Abonyi led the Committee’s member services operation and maintained regular communication with standing Committees in the House of Representatives. He played key roles in advancing the Chairwoman’s legislation, advising on legislation drafted by Committee Members, and facilitating successful passage through the Committee and the
Even though there are record revenues and record state tax receipts, cannabis retailers are struggling.
IRS Section 280e puts a heavy burden of additional federal business taxes on cannabis retail businesses.
The greatest share of business risk is borne by main street: smaller businesses, and women & BIPOC-owned businesses.
IRS Section 280e puts the effective tax rate for cannabis operators at between 60% – 70%. Retailers are hit hardest by this policy.
Data on cannabis retailer sales tax payments in Oregon indicate that retailers are increasingly falling behind on their payments.
On average, retailers are behind nearly $20,000 in state taxes. How will they suddenly be able to pay an annual average of $146,000 in Federal taxes?
SPEED READ:
Ten so-called donor states pay more in taxes to the federal government than they receive back in funding for things like Medicaid or education.
Connecticut tops the list of donor states. Residents there receive just 74 cents back for every $1 they pay in federal taxes.
Thanks to 2017 s federal tax overhaul, the number of donor states could grow. That s because the amount residents owe in federal taxes will increase now that the state and local tax deduction is capped.
Residents in Connecticut, Massachusetts, New Jersey and New York have some of the highest tax bills in the nation. They also pay thousands more in federal taxes than their state receives back in federal funding.