Federal Taxation of Marijuana Sellers, CRS Legal Sidebar

From the introduction:

As several states have permitted the use of marijuana for medical and recreational uses, one question that arises is what are the federal income tax consequences for businesses that sell marijuana?

There is no question that income from selling marijuana is taxable to the seller, regardless of whether such sale is legal or not under federal or state law. The Internal Revenue Code (IRC) uses a very broad definition of income, and income is taxable whether it comes from legal or illegal activities. Further, it can be taxed even if the proceeds are forfeited to the government.

Source: Congressional Research Service

Download full pdf publication

A Dozen Facts about America’s Struggling Lower-Middle-Class

From the introduction:

This Hamilton Project policy paper provides a dozen facts on struggling lower-middle-class families focusing on two key challenges: food insecurity, and the low return to work for struggling lower-middle-class families who lose tax and transfer benefits as their earnings increase. These facts highlight the critical role of federal tax and transfer programs in providing income support to families struggling to remain out of poverty.

Source: Brookings Institution

Download pdf policy paper: A Dozen Facts about America’s Struggling Lower-Middle-Class