Thomas Bonfiglio wants to know how the state will report income from marijuana sales to the government
Response to “Legal weed or not?” Editorial in the July 18–24 Voorhees Sun
To The Editor:
After reading the editorial, there are obvious concerns aside from the “Pot of Gold” in a flood of tax revenue.
As with casino and lottery revenues that have seemed to fail going toward programs used to sell the idea, legalized marijuana is just another idea that will fail.
Politicians will find a way to siphon that money off if they can figure out how to track sales.
The biggest obstacle before them is the fact marijuana possession is still a federal crime.
As such and evidenced in Colorado and other states allowing sales a dispensary is not able to set up bank accounts.
The state will have to come up with an accounting system to track and report sales. In particular cash sales and Bitcoin as I would think one will not be able to make a purchase with a credit card.
They are stumped as there is no way to have a proper audit trail other than projecting estimates based on inventory purchased.
Since there is no bank account the payment of taxes might require store owners to drop a bag of cash. Now how does the state report income to the Feds?
But Murphy had no problem in targeting law abiding gun owners here in New Jersey.
