June 20, 2020 - 9:00 pm
Updated June 20, 2020 - 9:33 pm
Because of an $812 million budget shortfall, Gov. Steve Sisolak has “confirmed that a special session of the Legislature will be called.” The governor noted that raising taxes was “going to depend on what the Legislature comes up with” (Tuesday Review-Journal). The Legislature does not have much to work with because unemployment is at a Depression level, small businesses are folding or hanging by their eye teeth and the casino/hotel industry is bleeding green at an alarming rate.
One taxable source that our politicians seem to avoid is Nevada’s biggest natural resource, gold. Gold is taxed on an ancient formula that enables wealthy corporate interests to leave Nevada with a king’s share of this resource. Most of the profit goes to a foreign company.
It takes two elections to change the old formula for mine taxation. Several years ago, change was passed in the first vote. On the second vote, the mining lobby got busy and flooded the market with all the great things mining does for Nevada. Our politicians were generally silent during the effort, public perceptions changed and the second vote failed.
A special legislative session could reconsider the taxation of Nevada’s golden profits to better support the state’s economic health.