Businesses that take in more than $1 million annually would be subject to a 2 percent margins tax under an initiative filed Wednesday by a coalition of labor groups seeking to raise money for Nevada’s public schools, the Associated Press reports. The measure brings the issues of taxes and education to the forefront ahead of November elections and the next session of the Nevada Legislature.
“This is a broad-based business tax that makes sense for the state,” said Lynn Warne, president of the Nevada State Education Association. “We cannot keep cutting funds to education and not expect our kids to suffer as a result.”
Warne estimates the measure would bring in $800 million each year. But criticism was swift from the Nevada Policy Research Institute, a conservative think-tank based in Las Vegas, saying the tax would stunt business growth…