Nevada’s tax burden is higher than you think
Authorities take more than $30K per household every two years
By Geoffrey Lawrence
In Carson City, state lawmakers are considering whether to impose a “margin tax” on business. For businesses taking in more than $2,740 a day in revenue, it would tax every dollar coming into a firm — except those falling under a complex, lawyer-pleasing array of possible deductions.
Texas is the only state that has a margin tax, one lawmakers there created in 2006. The Texas experience has demonstrated it’s a problematic tax instrument — introducing more serious economic distortions and disincentives than do alternative tax instruments yielding the same amount of revenue.
But, the big question is: Can Nevadans afford a new tax?
Whether tax dollars are remitted by businesses or directly by individuals, all taxes are ultimatelypaid by individuals. Business taxes just tax individuals indirectly, because, by driving up business costs, these taxes either suppress employee wages, push the prices facing consumers higher, or both.
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