The commerce tax, the new name for the margins tax that you voted down 80%-20%, is the worst possible tax that could be assessed against business, because it taxes the gross revenues of a business, not its profits.
Among many other negatives, this means that no big start-up industry can move to Nevada, because they will have to pay taxes on losses! This law is so bad that the writers of this tax, the casinos and mining companies, exempted themselves from having to pay it!!
In general, taxes throughout the nation, nevada included, are already too high. Americans already pay 40-50% of our income to the government. We are competing with people and companies in countries throughout the world that only pay 10, 15 , 20% of their income in taxes.
There is a major difference between whether income stays in the hands of people who are going to create more jobs, businesses, and wealth or whether it is going into the coffers of the state.
If the legislature fails to eliminate the “Commerce Tax”, then look out because they are coming after you. Repealing this Margins Tax is the least the legislature should do tomerely start uson the road to being able to compete in the new world — the world of opportunities, jobs, and prosperity.