Vegas News

New tax would hurt recovery

As Nevada tries to turn the corner on the economic fallout caused by the COVID-19 pandemic, it’s crucial that our elected officials work to promote growth and recovery. Recent data from the Department of Employment, Training and Rehabilitation found that the recovery is slowing down, making it more important than ever that we focus on the right policies.

But recently, lawmakers in Washington, D.C. — led by Rep. Alexandria Ocasio-Cortez, D-N.Y., and Sen. Bernie Sanders, I-Vt. — are pushing a new Small Business Investment Tax that claims to target “carried interest.” In practice, they will hurt the recovery as well as small-business owners, small real estate investors and retirees who are still feeling the economic pain of the pandemic.

The investments targeted by this tax are the very ones that allow small businesses to survive during periods of uncertainty, and grow when times are better. These investments support real estate construction, including affordable housing. Police officers, teachers and firefighters rely on these investments to fund their pensions so they can enjoy financial security in retirement.

We have a lot of work to do in the months and years ahead. Nevada lawmakers like Democratic Reps. Steven Horsford and Susie Lee have stood up for businesses and workers by supporting emergency relief funding during the pandemic. I urge them to continue standing up for struggling Nevadans by opposing the Small Business Investment Tax.

The writer is president of Veterans in Politics International.

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