Wednesday, February 24, 2010

Tax news articles and special session.

An article in the Las Vegas Sun today states that "Gibbons and legislators favor taking more money from mining companies." In the same article, it states that "Legislators have suggested increasing the fees paid by the gaming industry".

Once again it is raise taxes to pay for spending instead of decreasing spending balance the budget.

In the Review Journal today, an article points out that the mining industry paid $131 million in conventional business taxes plus an additional $90 million in industry specific taxes. It says that in total, mining tax contributions averages nearly $16000 per employee.

Another article in the Sun states that the casinos pay 6.75% on the money they win from gamblers. In Pennsylvania, the tax will be at least 55% on slot winnings and 16% on winnings from live games. In other states, casino pay at least twice the tax that they pay in Nevada. Yet, they want to open casinos in other states and are willing to pay the higher taxes.

My point is that the legislators will increase the taxes to pay for their increased spending and they do not care who they tax.

Will you be paying an income tax next and can you afford it?

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