Gold is selling at record prices. At more than $1,700 an ounce analysts say prices continue to rise because of fears of a double dip recession after the U.S. credit rating was downgraded by Standard and Poor's. Nevada is the sixth largest gold producer in the world and with the increase in prices the state's economy stands to gain a significant amount of tax revenue. Nevada's gold mining industry could double its net proceeds in revenue as a result. The Nevada Mining Association says no other industry in Nevada has contributed more to education and local governments. But critics still argue that mining should pay more. We discuss the impact of rising gold prices has on the Nevada economy.
GUESTS Michael Ginsburg, So NV Dir, Progressive Leadership Alliance of Nevada Jeremy Aguero, Principal, Applied Analysis Tim Crowley, Pres, NV Mining Assoc
How is it that Crowley can come out and admit that the mines have been taking illegal tax deductions over the last decade, and absolutely nothing has been done to hold these mine managers, nor the companies accountable? In addition to not having to be subject to their consequences of their action like most companies who are involved in fraud or tax evasion, the mines also do not have to pay royalties, nor tax on their gross proceeds. Additionally, every other "engineer" now has to obtain a college degree before they can sit for the licensing exam in order to be considered professional engineers, yet the mines hold their employees out as professional engineers despite the fact that very few, if any of them, have a license. The mining industry has clearly captured the regulatory industry (tax commissioners are members of the mining association), and the citizens need to amend the mining laws.Mine Engineer –Aug 24, 2011 10:03:00 AM
I finally had a chance to listen to this audio and do some research thanks to the references and reports on the PLAN website. It is incomprehensible the numbers that the mining president was throwing out--NONE OF HIS NUMBERS ADD UP! According to the State of Nevada Dept. of Taxation they barely pay half of a percent. Why are we not taxing them the way Alaska does?? This is insane. It is like we hung a sign on the state that says come in and take what you like and when you are done don't bother cleaning up.Matt –Aug 10, 2011 19:09:54 PM
The mining industry needs to step and pay their fair share of taxes. Just like the rest of us! Vincent –Aug 10, 2011 09:56:18 AM
The mining industry needs to step up. And pay it's fair share of taxes. Just like everyone else!Vincent –Aug 10, 2011 09:53:14 AM
In contrast to other industry, mining takes an irreplaceable resource from the state and converts it to profit. In agriculture the land can be used indefinetely, gaming can be performed repeatdly as well. In mining, once the deposits are depleted, the industry is over. Therefore, there is a compeling reason to tax mining differently. Given the astronomical profit mining has taken in gold/silver from our state, I cannot believe they sleep well at night when our schools and universities are being closed for lack of funding. We need to act and increase the taxes in mining as soon as possible. They have taken much and have given little back.Maria –Aug 10, 2011 09:22:00 AM