Banking the Unbanked: A Win-Win Proposition
By Fioana Ma, California State Board of Legalization Board Memeber
I was elected to the California State Board of Equalization (SBOE) in November 2014 to represent nearly ten million constituents in twenty-three counties. The SBOE was created in 1879 by a Constitutional Amendment to "equalize" the 58 independently elected county assessors who in those days were not all assessing, collecting and remitting equally to the state. Today, the SBOE oversees about 35 different tax and fee programs in California, collecting approximately 30% of the state's revenues each year, with the sales and use taxes representing the largest share.
As a Certified Public Accountant and one of four elected members of the SBOE, responsibly managing California's finances is my bottom line. As the state continues on its path to economic recovery, I am concerned about the hundreds of millions of dollars that disappear into an underground cannabis economy that is robbing...
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