In this third installment of Youth Radio's Making Cents--a video collaboration with Marketplace in which teens talk money...we're tackling: taxes.


 

"When you think of the IRS, what comes to your mind and why?"

On Tuesday Oakland became the first city in the US to approve a tax increase on medical marijuana. In a mail-ballot 80 percent of the voters voted “yes” on measure F that will take affect on New Years Day. Cannabis businesses currently pay a tax of $1.20 for every $1000 in gross sale, with this new measure, the tax will increase to $18. 

Oakland voters also approved Measures C, D, and H.

Looking for ways to reduce their $80 million dollar deficit, the city of Oakland is proposing a ballot measure in a special July 21^st election this year.  According to the Oakland Tribune the measure calls for a 1.8 percent business tax for Medical Marijuana dispensaries on proceeds of $1,000 or more. That equals out to $18.00 for every $1,000 earned. Read more...

Tax day is out the way but doing taxes is not easy and it can be a scary moment for people. Some choose to do their own taxes, but if you are like me, we’ll go to professionals. This was my third year doing taxes, and every year I think, how much will I have to pay? Before I started filing taxes, I had questions.