Tax Cut = Tax Increase?
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Letting a tax increase expire could cause taxes to go up.
Doesn't sound right at first, but it could happen.
During the last session, lawmakers raised the payroll tax on businesses overall by jacking up rates on big companies but they also used some of that income to cut rates for smaller businesses.
The Las Vegas Sun reports that if the tax package is allowed to expire more than 70 percent of Nevada businesses will see payroll taxes go up- a combined 15 million dollars.
The Governor's office won't release its budget until his first State of the State address later this month, but it is possible they will try to keep the lower rate for small businesses in addition to letting rates for larger businesses go back down where they used to be.
But that would force even more cuts to state services on top of the chunk already being taken out of the budget.