Taxes

Pardon Our Dust

The Team Is working on this particular plank to our Policy.

Feel Free To watch this work in progress and, by all means, feel free to comment or contribute to the discussion. 

 

My Promise to you is that I will Tax Less-Do More.

I will not balance the budget based on revenue from fines, fees, or assessments.

My administration will avoid reliance upon regressive taxes which more pointedly impact the working poor and the have nots.

Nevada does not have an individual income tax.

Nevada does not have a corporate income tax but does levy a gross receipts tax.

Nevada has a 6.85 percent state sales tax rate, a max local sales tax rate of 1.53 percent, and an average combined state and local sales tax rate of 8.23 percent.

Personal property is taxable whether it is owned, leased, rented, loaned, or otherwise made available to the business. The taxation of business personal property has been in effect since Nevada became a state in 1864.

“Tangible personal property” means personal property which may be seen, weighed, measured, felt or touched, or which is in any other manner perceptible to the senses. That includes equipment, supplies, and any other property (including information technology systems) other than that is defined as an intangible property. It does not include copyrights, patents, and other intellectual property that is generated or developed (rather than acquired) under an award.

To mitigate the impact of tangible personal property (TPP) taxes on the value of certain business inventory for emerging Las Vegas businesses, we will push for an earned income tax credit to offset inventory taxes paid

In 2021, 262 thousand Nevada taxpayers received $626 million in EITC. The average refund was $2,391.

Contrary to what many people think, Nevada businesses do pay an Inventory tax.

Any purchase, other than inventory, made by a retailer from a non-registered vendor, for use in the business, is subject to Use Tax and must be reported on the monthly or quarterly Sales and Use Tax return. Examples of this are supplies, forms, or equipment that is not re-sold.

I do not support the assessment of Inventory taxes until a qualified emerging business makes a profit.

I support a gradual shift from inventory taxes, which favor one product or industry over another, toward revenue sources with broader, more neutral bases.

Broader, more neutral bases include expansion of the amount of economic activity subject to tax, in this case, by eliminating exemptions, exclusions, deductions, credits, and other preferences currently afforded non-Nevada businesses

Additionally, I favor marginal rate cuts coupled with large spending cuts and broadening of the tax base.