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IPFS News Link • Events: America

The New Nevada: Taxpayer Bucks for Billionaires

• https://www.lewrockwell.com

While Nevada's public is spared excessive lawmaker interference as its Legislature only meets every other year for 120 consecutive days, this year will be the third in a row the Legislature will be called into special session to vote on a handout for a billionaire.

There was a time Nevada was thought to be libertarian, with no income taxes, bars that never close, and good gamble always available. The government was relatively small and the government handouts for business few. When the recently passed Perry Thomas began making bank loans to gambling halls, replacing union slush funds and mob money, legitimate capital sources couldn't wait to throw money at Sin City and the Silver State.

But the Silver State is not what it used to be. Its freedom ranking has fallen from 5th to 11th. With a ranking of 33rd, the state is among the worst run in the country and its lawmakers cannot help saying 'yes' to billionaires, smooth-talking or otherwise, seeking taxpayer largesse.

This year it's Las Vegas Sands Chairman and Las Vegas Review-Journal owner Sheldon Adelson who wants to contribute $650 million of his family's money to build a state of the art stadium seating 65,000 and costing $1.9 billion to entice the Oakland Raiders to move, if, and only if, $750 million in room tax receipts go towards the project.  An increase in the tax requires legislative approval.

The world's 22nd richest man according to Forbes, with a net worth of $25.2 billion, admits he's no football fan, but told Yahoo! Finance, "We can fill our rooms during the slowest time of the year. Mid-November to December is the slowest part of the year….So I'm doing it as a community effort. I don't need it. I could live without it."


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