Casinos Throw Out Gambling Tax
You never know what’s going to happen next in the casino world. And leading that charge of unpredictability is, of course, Las Vegas. In the spotlight now is an indefinitely back-burned plan to increase Nevada’s share of tax that comes from casino gambling income. Playing the economic recession card, Governor Jim Gibbons said he had cause to consider taxing gambling markers in order to help an immediate kick-start to help casino income and put the local economy back on track.
As it is, Nevada has one of the country’s lightest tax burdens on its gaming industry. The mere 6.75 percent tax on gambling revenues is way below what other states charge. In some cases, Florida in particular, that number can reach as high as 50 percent.
But regardless of any benefits already in place in Nevada, plans to increase the tax burden have been vigorously lambasted. A similar bill to increase casino taxes in an effort to benefit teachers' salaries disappeared in court, and now the imposing casino lobby has deflected this new case of increased taxes on money loaned to patrons.
Bill Bible, Nevada Resort Association head, told the Las Vegas Review-Journal that a knock-on effect had it passed would have been reduced credit offered by casinos, translating into revenue losses and, therefore, a drop in total taxes paid by the casinos.
Bible maintained that the state gets paid in proportion to how the casinos get paid, as 96 percent of markers are ultimately taxed.