Yellen: bank access for cannabis firms would aid U.S. tax collections
- Country:
- United States
U.S. Treasury Secretary Janet Yellen said on Wednesday that she agreed that allowing state-legal cash-only cannabis businesses to access the U.S. banking system would allow the Internal Revenue Service to improve collection of taxes.
Representative Ed Perlmutter of Colorado asked Yellen during a U.S. House Financial Services Committee hearing whether allowing cannabis businesses to access the banking system -- now prohibited by federal law -- to conduct transactions would make the IRS' job easier in collecting tens of millions of taxes that have gone unpaid from such firms.
"Yes, of course it would," Yellen replied.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- Yellen
- Treasury
- U.S.
- Internal Revenue Service
- Janet Yellen
- Colorado
ALSO READ
Biden to raise concern over Nippon Steel's deal for U.S. Steel, source says
British stocks mixed ahead U.S. data
British stocks subdued ahead of U.S. data
US targets Israeli outposts, settlers with sanctions, Treasury website shows
Kremlin says Putin didn't threaten to use nuclear weapons, U.S. took him out of context