Sena Loyd the smart choice for Assembly (Opinion)
The net proceeds of mining tax is based on a 150-year-old formula written into the state constitution. Mineral extraction is taxed at between 2 and 5 percent of gross revenue, less operating costs. Last year that formula produced revenue equal to just 1.6 percent of gross proceeds.
When PK O'Neill ran for Assembly in 2014, he was asked whether he would support an increase in mining taxes. Oh no, he said, with the price of gold barely over $1200 an ounce, raising taxes would stifle investment and cost jobs. Bear in mind that $1200 in 2014 dollars is $1300 in 2020 dollars, but the price of gold isn't $1300 anymore. It is now north of $1900.
PK is running again, and once again he was asked if he would support raising mining taxes in line with the rise in the price of gold. Oh no, he said. That would be too burdensome, especially for the small players.
Sena Loyd, PK's opponent, was asked the same question. Her answer was that we need a mining tax formula that takes account of fluxuations in gold prices, and that distinguishes between large and small players, just like the Commerce Tax does. Having voted for the Commerce Tax in the 2015 session, PK clearly understands that taxes don't need to impose undue burdens on small businesses.
If Nevada is to raise the revenue needed to balance its books and restore the emergency budget cuts, we need to elect legislators with the backbone to implement smart tax reform measures. That's why Sena Loyd is the smart choice for Assembly District 40.