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E03: Flaws of the Margin Tax Initiative
Carole Vilardo has been affiliated with NTA since 1986 and has served as President of the Association since 1988. Her efforts on behalf of the Association’s members are directed to the fiscal issues of taxes, spending, and regulatory issues impacting business. She is a frequent and often quoted speaker on fiscal issues involving state and local governments in Nevada and has authored and edited numerous Association position papers and publications.
A resident of Nevada since 1971 her original vocation was as a retailer. Her first lobbying effort in 1973 was on retail issues as a board member of the Nevada Retail Association (now known as the Retail Association of Nevada). She has been a full-time lobbyist at the Nevada Legislature since 1977.
Carole currently serves on the Clark County Debt Management Commission, the Kenny C. Guinn Memorial Scholarship Fund and the Subcommittee on Academics and Workforce Alignment of the Legislative Committee to Conduct an Interim Study Concerning Community Colleges. She recently completed serving on the Cities of Las Vegas and North Las Vegas Shared Services Committee and the Henderson Budget Advisory Committee
She has also been appointed to serve on numerous state and local government committees (both in Clark and Washoe Counties) to look at issues as diverse as water funding, education, transportation funding needs, K-12 priorities and funding, and health care delivery. She also served as a public member on two legislative interim studies on Nevada’s tax system.
She also served as a public member on two legislative interim studies on Nevada’s tax system and as a member of the Clark County Committee on Community Priorities, the Governor’s SAGE Commission (Spending and Government Efficiency), the SAGE Blue-Ribbon Implementation Panel (serving as chairman), the Clark County Regional Transportation Stakeholders Committee, and the Clark County Clean Water Coalition.
Carole is a former chairman of the National Taxpayers Conference, having served two terms. She has also been twice named as one of the most influential women in Southern Nevada by “IN Business.” Carole is a recipient of the Lifetime Achievement Award presented by Nevada Newsmakers Outreach Foundation, the SIR Award presented by Associated General Contractors Nevada Chapter, the Las Vegas Chamber of Commerce Women of Achievement Award, the Clark County School District Crystal Apple Award for exemplary civic leadership, and the Free Enterprise Award from the Employers Association of Southern Nevada, the Las Vegas Chamber of Commerce and Kiwanis Club of Uptown Las Vegas.
About the Nevada Taxpayers Association
The Nevada Taxpayers Association was founded February 25, 1922. It is a nonprofit, nonpartisan, statewide membership association. NTA is recognized throughout Nevada for its advocacy of sound fiscal policies and promoting the cause of the taxpayer for responsible government at a reasonable price. (It is not an anti-tax association.) The Association is governed by a Board of Directors (currently 38 members) representative of diverse business interests, and the various geographic areas in Nevada.
Carole Vilardo from the Nevada Taxpayer Association is on our show today to talk about the ambiguities of the Margin Tax Initiative and the potential damaging effects it will have on businesses.
To give you a little history, the Nevada Taxpayer Association, NTA, was formed in 1922 as a statewide nonpartisan, non-profit research and advocacy association that is supported by its members. It was formed to promote sound fiscal policies and to promote the taxpayer for responsible government with accountability and responsibility to any changes to taxes.
The Margin Tax Initiative is essentially at 2% ‘Margin Tax’ on businesses that have more than $1million in annual gross revenue regardless of how much, if any, of their revenue are actual profits. This is the equivalent of a nearly 15% business tax. Carole points out that with the Margin Tax passes it will make Nevada one of the five highest taxed states in the country for businesses. She gives a concrete example based on the three deductions available to businesses 1) 30% 2) deduction based on costs of goods sold 3) compensation of $300 per employee; based on the 30% calculation, businesses will be paying an additional $14,000 in taxes regardless of increase or loss in profits.
Promoters for the initiative claim the tax is for education but there are no guidelines in the law on how the funds would be spent and it is left to the discretion of the politicians and bureaucrats. Carole also touches upon the role of the Department of Taxation and their lack of infrastructure to regulate and implement the Margin Tax if it was passed. Listen in to find out more about the facts on the Margin Tax Initiative and what you can do to prevent it from passing.
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