The gross receipts tax is dead. Senate Majority Leader Bill Raggio notified Assembly Speaker Richard Perkins (for the umpteenth time) there's no way the Senate can pass a broad, revenue- or profit-based business tax this session. Perkins conceded, "At this point in time, the funding of education is so important that we need to get our work done. The folks who are holding things up have successfully protected business to the detriment of our children."
Meaning? Gaming Inc. and its minions in the Legislature lost.
But so did the state's burgeoning financial services industry, not to mention Nevada's taxpayers and the state's favorable climate for business and capital formation (up 'til now). It appears that some form of revenue-based "franchise fee" on banks will be in the final package, which overall will raise more than $800 million ... more than doubling the previous record tax increase.
Still waiting
The hearing before seven federal district judges (not eight, as previously reported) took place this morning. No word yet on any ruling, but stay tuned.
Update ...
The decision is apparently due sometime Thursday.
Fan mail and fast fingers
Got a nice e-mail today from a local couple (40-year LV residents) who say they found out about Deregulator from Instapundit (though I'm guessing that was also via The Volokh Conspiracy). Anyway, they said they were surprised to hear of a Vegas-based blog, particularly one on their same wavelength, and said many gracious and insightful things.
I was ready to reply, when I hit "Delete" rather than "Reply." Then when I tried to retrieve the message from the trash, I accidentally emptied the trash.
I just want to say to them, thanks for the kind words. Yes it is hot here (110+ for eight days in a row ... two shy of the record for consecutive insane scorchers), please don't think I'm rude for not responding personally -- and please keep reading!
In other news
I had successful arthroscopic surgery to repair torn meniscus in my right knee July 2. Everything has been great so far -- little swelling or pain, complete mobility (so long as I use a crutch for stability). I started physical therapy today and in a few weeks, I should return to normal activity. Lola's doing fine as well. For those of you who've asked how we're doing, thanks for your concern.
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