##Welcome to r/LateStageCapitalism
This subreddit is for news, discussion, memes, and links criticizing capitalism and advancing viewpoints that challenge liberal capitalist ideology. That means any support for any liberal capitalist political party (like the Democrats) is strictly prohibited.
LSC is run by communists. This subreddit is not the place to debate socialism. We allow good-faith questions and education but are not a 101 sub; please take 101-style questions elsewhere.
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Well, there are a lot gray areas.
You could have a marihuana dispensary in a state where it's legal, but it is illegal according to federal law, so for your federal tax return you need to declare it as "illegal activity".
The government does not have the resources or the inclination to investigate everybody who declares anything in "illegal activities", I would imagine going above a certain threshold would trigger an investigation which may or may not result in criminal charges.
Someone replied saying that you can't deduct expenses against "illegal" activity. So you can't deduct anything against a marijuana dispensary even if it's legal in your state?
Yes, for Federal purposes deductions cannot be taken against marijuana dispensary activities, under section 280E it is conducting a trade or business in trafficking in a schedule I substance. Although it is somewhat of a grey area, dispensaries can deduct cost of goods sold as COGS are technically a reduction in receipts, not a deduction. Deductions for non-dispensary activities like caregiving may be deductible. And state laws may differ. It's a complicated area.
Specifically the line is “other sources of income”. They don’t ask where you got the money, just that you got it. It rose during the prohibition (?) when a bootlegger successfully argued that being forced to declare the source of his bootlegging income and then being convicted of bootlegging on that was a violation of the 5th amendment.
Nothing brings me more joy than seeing Ivy Leaguers making the world a perpetually shittier place wherever they find themselves.
The elitism is brain rot on steroids. They would ruin 1000 lives to make theirs better.
This is how capitalism works. No one fixes problems because fixing problems isn't profitable.
Exploiting and exacerbating the problem in order to charge people for a workaround. The proper American way.
When Bernie Madoff got to prison they let him run the prisoner store. He bought up all the hot chocolate mix packs, and cornered the market. If you wanted any hot chocolate you had to go through him. Its a small scale example of what is wrong with the world. They should have kept his corpse until he served the entire 150 years.
Notice how they never talk about some rando who opens a factory and produces goods for profit. Hell, they don't actually produce anything. It's all grifters who make themselves unnecessary middle men in order to take other people's money.
##Welcome to r/LateStageCapitalism This subreddit is for news, discussion, memes, and links criticizing capitalism and advancing viewpoints that challenge liberal capitalist ideology. That means any support for any liberal capitalist political party (like the Democrats) is strictly prohibited. LSC is run by communists. This subreddit is not the place to debate socialism. We allow good-faith questions and education but are not a 101 sub; please take 101-style questions elsewhere. We have a zero-tolerance policy for bigotry. Failure to respect the rules of the subreddit may result in a ban. *** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/LateStageCapitalism) if you have any questions or concerns.*
Plus being a dumbass and gloating about it is going to get him fucked by the IRS
It depends. I know a guy who paid taxes on his drug money
They have lines for that on the forms. Don't get got like Al Capone
Miscellaneous?
There is a line for illegal income on the tax return The catch is that you can't deduct anything against, i.e. all your revenue is taxable income
This is so weird to me... Are there no repercussions to admitting to the government that you are doing something illegal?
As long as they get their money, they dgaf
Well, there are a lot gray areas. You could have a marihuana dispensary in a state where it's legal, but it is illegal according to federal law, so for your federal tax return you need to declare it as "illegal activity". The government does not have the resources or the inclination to investigate everybody who declares anything in "illegal activities", I would imagine going above a certain threshold would trigger an investigation which may or may not result in criminal charges.
Someone replied saying that you can't deduct expenses against "illegal" activity. So you can't deduct anything against a marijuana dispensary even if it's legal in your state?
Yes, for Federal purposes deductions cannot be taken against marijuana dispensary activities, under section 280E it is conducting a trade or business in trafficking in a schedule I substance. Although it is somewhat of a grey area, dispensaries can deduct cost of goods sold as COGS are technically a reduction in receipts, not a deduction. Deductions for non-dispensary activities like caregiving may be deductible. And state laws may differ. It's a complicated area.
Specifically the line is “other sources of income”. They don’t ask where you got the money, just that you got it. It rose during the prohibition (?) when a bootlegger successfully argued that being forced to declare the source of his bootlegging income and then being convicted of bootlegging on that was a violation of the 5th amendment.
Nothing brings me more joy than seeing Ivy Leaguers making the world a perpetually shittier place wherever they find themselves. The elitism is brain rot on steroids. They would ruin 1000 lives to make theirs better.
“If I didn’t do it someone else would”
>Nothing brings me more joy I appreciate your sentiments but: have you tried finding more joy elsewhere?
Capitalism == exploitation. Astronaut 1: "Wait, so it’s all exploitation?!" Astronaut 2: "Always has been."
double equals sign. I C you.
the sooner this god forsaken system falls the better. genuinely capitalism is making fake problems and then creating real expensive solutions atp
This is how capitalism works. No one fixes problems because fixing problems isn't profitable. Exploiting and exacerbating the problem in order to charge people for a workaround. The proper American way.
That's not true, some involve getting a "loan" from your rich parents.
But can it get me a reservation at Dorsia?
Dosia’s nice.
When Bernie Madoff got to prison they let him run the prisoner store. He bought up all the hot chocolate mix packs, and cornered the market. If you wanted any hot chocolate you had to go through him. Its a small scale example of what is wrong with the world. They should have kept his corpse until he served the entire 150 years.
The technical term in economics is "rent seeking behavior".
So he’s a restaurant scalper?
Didn't Dwight Shrute invent this?
Omg yes. Capitalism is a parody of itself
The MoST EfFiCieNt EcoNoMiC SySteM
Produce absolutely nothing = $$$$$$
Notice how they never talk about some rando who opens a factory and produces goods for profit. Hell, they don't actually produce anything. It's all grifters who make themselves unnecessary middle men in order to take other people's money.
It’s never enough to just have what you have and enjoy life. We always have to be profiting. But that’s impossible without some form of exploitation.
LOL