Lawmakers To Hear Margins Tax Discussion
(Carson City) — The Assembly and Senate taxation committee will hold a joint hearing on the margins tax proposal Tuesday.
The deadline for lawmakers to act is March 15th or the question will automatically go to voters next year. The initiative, which is backed by the teachers union, may generate up to $800 million annually for public education.
The measure would impose a two percent tax on businesses that make more than $1 million annually.
Critics of the margins tax have said that it may stall economic development and lead to even higher numbers of unemployed workers.
Senate Republicans will look to the mining industry to pay higher taxes as an alternative to the margins tax.
Mining made nearly $9 billion in 2011 with $97 million going to the general fund. Gaming earned nearly $11 billion in fiscal year 2012, but paid a whopping $694 million in taxes.