Like all governments through history, Nevada’s state and local government have only one source of tax revenue – the Nevada economy. Thus, you cannot make Nevada’s tax structure “more stable” by changing types of taxes… you can only make Nevada’s tax structure “more stable” by making Nevada’s economy “more stable”.
Posted by Webmaster on April 12, 2011 under Economy, Spending
It seems every incarnation of the Nevada Legislature complains about the tax structure, then proposes increased taxing and spending. With such transparent and economically uneducated blame being placed on Nevada’s tax structure, it’s difficult to tell if there’s actually a problem.
Check out this report/proposal from the Nevada Policy Research Institute. It concludes Nevada’s tax structure is, in fact, too volatile, and could be made steadier by replacing our current patchwork tribute to short-term political expediency with a flat consumption tax that encompassed all transactions, and also recommends some common-sense measures that would eliminate the public-sector unions’ constant clamor for higher taxing and spending.
Posted by Webmaster on April 5, 2011 under Economy, Local Government, State Government
The Tax Foundation’s new analysis of the 2010 US Census shows that little has changed – Nevada remains one of the states most successful in shifting its tax burden off of residents and onto non-residents. The new data shows us ranked 49th in the amount of personal income consumed by state and local taxation, but 37th in the amount of total state and local government spending as a percentage of personal income.
Posted by Webmaster on April 16, 2010 under Economy
Nevada’s citizens have been hurt in this national economy more than people in any other state. Here’s a report on the latest data from the US Bureau of Economic Analysis:
Nevadans saw their personal income decline more in 2009 than residents of any other state, a new report from the U.S. Bureau of Economic Analysis found.
Residents’ personal income in Nevada fell to $102 billion in 2009, down 4.8 percent from $107.1 billion in 2008. That’s not only the worst performance in the nation in 2009, it’s also the second-biggest decline among the states since 1969, the bureau said. Total personal income gauges the combined earnings of all residents in the state. Nevada has always had one of the country’s lower overall personal incomes, because it’s one of the country’s smallest states.
It seems a classic “killing the golden goose” scenario.
Nevadans’ personal income is a function of jobs. Jobs is a function of the economy. The economy grows (and jobs are created) when taxes are not raised. The economy shrinks (and jobs are lost) when taxes are raised. It’s not just government taking away the money that the economy uses to pay for new jobs; just as harmful, it’s what our government does with its money and power: increased regulation presents impossible hurdles for some new businesses; Legislators push Nevada’s minimum wage up higher than our surrounding states, creating a predictable migration of jobs; tax-happy leaders continue to advocate that taxes be raised higher still, scaring away all the small businesses fleeing California to settle in Utah, Arizona, Colorado, Idaho and Texas.
Posted by Webmaster on December 28, 2009 under Economy
Thanks Harry – for kicking Nevada’s second largest industry while it’s down.
Posted by Webmaster on August 12, 2009 under Economy, Tax Stability, Tax Structure
ALEC – the American Legislative Exchange Council – has released a new study that completely discounts the Ralstonian math oft cited by socialists who want more government and less private sector.
Here’s the complete study, and here are some important highlights:
- Bigger government damages a state’s economy.
- Nevada’s tax structure is generally good for the economy because it offloads a good chunk of the cost of running government onto tourists and companies who cater to tourists (who merely pass their tax burden onto their tourist customers).
- Nevada ranks medium to high on lists that compare tax burdens on residents – again, because Nevada offloads its cost of government onto visitors.
Ralstonian math doesn’t consider government spending a valid measure of government (!). Instead, it only measures how much taxes residents pay. By that measure, Nevada fares poorly.
And that’s the continual harping you’ll hear from those who use Ralstonian math – mostly government unions, socialists and people who curry favor with elected officials in order to trade political influence for a living.
(Full disclosure: ALEC named the webmaster one of a handful of its “State Legislators Of The Year” a couple of years ago).
Posted by Webmaster on July 24, 2009 under Economy, Spending
The National Conference of State Legislatures has issued a reminder to Nevada’s Legislature: if you plan to increase spending during a time when revenue is falling, especially when all other states are trimming spending in line with revenue, you will end up with the largest budget gap amongst American States.
No doubt the Confused Wing of Nevada’s political and press corps will again complain that we need to raise taxes in Nevada, rather than do what all the other states are doing (which is reducing spending in line with revenue).
