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February 6, 2010 / jimnv

Time To Put Mining Taxes “On The Table” — Now!

Politicians like to say that “everything is on the table” but they forget to put taxes on it and they must. Start first with the mining industry which is mainly made up of  foreign owned companies that take non-renewable resources which originally belonged to all Nevadans.

Right now, mining companies pay about a half a percent tax on their massive profits which are sometimes over a billion dollars annually for just one company. For example, in 2007 the  mining industry took in about $6 billion and paid just $30 million in taxes. In some years they paid nothing!

The average Nevadan pays a lot more, even casinos. It’s not right.

The state constitution only allows for taxing the “net proceeds” of a mining operation but state law generously allows them to deduct all sorts of business expenses before net proceeds are computed. Let’s change the state laws at the next Special Session and remove the items mining companies can deduct when computing net proceeds. Then we must change the state constitution to eliminate their preferential treatment.

For more information: “Mining Must Do Its Share… a Gold Tax“, January 22, 2009

Also: Nevadans for Fair Mining Taxes website.



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