Political Update – March 17, 2015
Report: Nevada maintains favorable tax climate for businessesSteve Kanigher LAS VEGAS — Nevada boasts the nation’s third most favorable overall tax climate for businesses, behind only Wyoming and South Dakota, the nonpartisan Tax Foundation reported Tuesday. The research think tank, based in Washington, D.C., also assigned Nevada a tie for the nation’s top rank for corporate and individual income taxes because the state doesn’t collect either tax.
Nevada also has the ninth lowest property taxes, but only the 39th lowest sales taxes and 43rd lowest unemployment insurance taxes among the 50 states, according to data as of July 1.
The foundation reported that the typical American had to work until April 21 last year before earning enough money to pay all federal, state and local taxes for all of 2014. For Nevadans, Tax Freedom Day fell on April 8, 13 days earlier. Only six states paid off their tax burdens earlier in the year.
Among other findings the foundation ranked Nevada:
* 26th highest for state tax collections in fiscal 2013 at $2,535 per capita compared to a U.S. average of $2,689.
* 48th highest for state revenue in fiscal 2013 at $4,113 per capita compared to a U.S. average of $5,428.
* 43rd highest with federal aid making up 25 percent of state revenue in fiscal 2013.
* 4th highest state general sales tax collections at $1,312 per capita in fiscal 2013 compared to a U.S. average of $809.
* 10th highest state gasoline tax rate at 33.15 cents per gallon as of Jan. 1.
Keystone’s Mission: To recruit, support and advocate for candidates for public office who support private sector job creation, low taxation, a responsible regulatory environment, and effective delivery of essential state services. Keystone’s Goals:
Quote: Is PERS a Ponzi Scheme? Based on the testimony of the state pension system’s defenders, who oppose reforming retirement benefits for future government hires, it certainly appears so” – RGJ Editorial Board  EDITORIAL: PERS advocates’ own words prove reform bill is needed Las Vegas Review Journal Is PERS a Ponzi scheme? Based on the testimony of the state pension system’s defenders, who oppose reforming retirement benefits for future government hires, it certainly appears so. The Public Employees Retirement System of Nevada provides guaranteed-for-life pensions to the state’s government retirees. Those benefits, which have been promised to almost all current public employees, as well, are paid from a fund that invests employer and employee contributions. That fund doesn’t have enough money, and can’t be expected to generate enough return on its investments, to pay all the benefits that have been promised. Depending on how you measure the risk of those investments, PERS has an unfunded liability of between $12.5 billion and $40 billion. Rather than continue to make overly generous promises the public can’t afford to keep, taxpayer advocates want to phase out PERS and transition new generations of Nevada government employees into a different retirement system, one that’s more affordable for the public and more portable for the government workforce. Assembly Bill 190, which had a hearing before the Government Affairs Committee on Tuesday, would do that by adopting a Utah-style retirement system: part guaranteed pension, part 401(k)-style savings.
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