Adelson gifts to Gingrich could have been better spent
To the editor:
So Las Vegans Sheldon and Miriam Adelson decided to give $10 million to a super PAC that supports Newt Gingrich. I was wondering if anyone else thinks that this huge waste of money would have been better spent by giving 100 Nevada schools $100,000 each?
Where do their priorities lie? Giving a huge sum to someone with no chance of making it to the White House? Why not give to schools that can actually use the money to transform our children into educated adults?
Ashley Warren
Las Vegas
Gains tax
To the editor:
It is a popular belief that investments in business are such an important component of American economic and employment growth that these activities should be rewarded with lower tax rates than other forms of income, including employment income and earned savings interest.
The theory behind such preferential tax treatment is that any investment in businesses will be used to improve productivity, grow the business and hire new employees, all of which contribute to a robust American economy. But the problem with this line of reasoning is that the vast majority of investment transactions do not result in businesses receiving any capital whatsoever.
Rather, most transactions involve a buyer of stock transferring money to a seller, with no money going to the company that originally issued the stock. Furthermore, in most cases the seller is not the original buyer of the stock, thus any profit earned by the seller solely benefits the seller and does not result in any economic benefit to the American economy as a whole.
So when a billionaire purchases common stock at depressed prices during an economic downturn then collects annual dividends and/or sells it for a huge profit a year later, why should that same person get preferential tax treatment? No jobs are created and net economic activity remains unchanged. The only person who benefits is the billionaire -- and it can be argued that it will be at the expense of the seller, who may have had to sell at depressed prices during an economic recession.
If we truly want to encourage investment in America, then we should reward investments that place capital directly into the hands of businesses that will use the money to grow and hire new employees, such as bonds and stock sales by corporations directly to investors. Somehow, our tax laws deem that interest earned by investors on money loaned directly to a corporation to fund its day-to-day operations should be taxed at a higher rate than that earned by the billionaire described previously who benefited nobody but himself.
The U.S. Treasury could collect significantly more tax revenue without jeopardizing our economic recovery if it simply eliminated the preferential tax treatment of capital gains and qualified dividends on all third-party transactions that do not involve the corporation listed on the stock or bond certificate.
Gary Kruskall
Las Vegas
Holistic approach
To the editor:
The Nevada Resort Association applauds Gov. Brian Sandoval's recent reinstatement of the state's Gaming Policy Committee. Though established in 1961, the full committee has not met in nearly three decades.
Clearly, the global gaming industry has undergone dramatic changes in that time, particularly as a result of technology. As members of the gaming industry, we agree that a holistic approach to policy and regulations is essential to ensuring a sound path forward.
During the 2011 legislative session, the issue of Internet gaming came to the forefront in Nevada and on the national stage. Mobile gaming, Internet poker and sports betting kiosks are but a few of the technological advancements on the horizon which need to be assessed and properly regulated.
Accordingly, the Gaming Policy Committee will address many important questions. How will these advancements affect brick-and-mortar gaming operations? How will they affect jobs? How will these changes affect gaming tax collection as well as state and local budgets? How will our state's economic development be affected by this new age in our industry? What are the likely sociological consequences of this new level of access to gaming?
All these questions demand careful consideration and thoughtful solutions.
Nevada has always been the leader of the global gaming industry. We thank Gov. Sandoval for ensuring that ongoing dialogue will preserve that leadership role, and will position our state for continued success in the midst of the evolution of our industry.
Keith Smith
Jim Murren
Las Vegas
Mr. Smith is chairman of the Nevada Resort Association and president and chief executive officer of Boyd Gaming. Mr. Murren is chairman and chief executive officer of MGM Resorts International.
Right to nondisclosure
To the editor:
I have great concern over the fact that members of the public feel they have the right to know so much about public employees. As a retired public employee, I feel I have the right not to disclose what I am paid by the state's pension plan.
I understand all too well that when we are working, the public has the right to know where their money is going. What we do, how we act during our employment, and being scrutinized by the public is part of the job. But when we retire, it would seem that we should expect to be released from the public spotlight.
As a taxpayer, I have no problem with the PERS system being monitored. How much it pays out and its reserves should be a matter of public record.
Where I draw the line is releasing my name. What I receive should be between me, PERS and the IRS.
D.W. Munn
Henderson
