(Sacramento, CA. - October 30, 2014) Today, CAWA contributed to the Coalition to Defeat the Margin Tax Initiative in Nevada to stop Question 3 from damaging members conducting businesses in the state. CAWA contributed $4,000 to stop Question 3 from increasing the tax burden on Nevada employers by hundreds of millions of dollars annually.
Question 3, the Margin Tax Initiative, would impose a whole new state tax on Nevada businesses. Businesses with more than $1 million in annual gross revenues would be subject to a new 2% "margin tax," regardless of how much, if any, of their revenues are actual profits. Economic studies show that would cause the loss of thousands of existing jobs and make it extremely hard to attract new industries, companies and jobs to Nevada.
"Nevada employers, such as CAWA members, would have to pay this margin tax even if they have no profits or are losing money," said Rodney K. Pierini, CAWA President & CEO. "This deeply flawed tax measure would damage Nevada's struggling economy and make it difficult for our members to conduct business in the state."
Increased costs imposed on businesses providing goods and services in Nevada would ultimately be passed on to consumers. This would force Nevadans to pay higher prices for everything from food, clothing, gas, water and electricity to housing, insurance and healthcare - hurting those who can least afford it.
CAWA has joined businesses, organizations, associations and community and civic leaders to oppose Question 3. More information can be found at www.stopthemargintax.com.
CAWA is an automotive aftermarket trade association, which represents auto parts jobbers, retailers, warehouse distributors, manufacturers, manufacturer representatives and program groups. The Association provides educational, legislative and business support to the industry and its membership. It is one of the largest trade associations of its kind in the United States and recognized as a leader in the automotive aftermarket industry.
Contact:
Rodney Pierini
President & CEO CAWA - Representing the Automotive Parts Industry
800.332.2292, ext. 1
[email protected]
www.cawa.org
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