Margins tax proposal will fade onto 2014 ballot

(AP) — Not many Nevada lawmakers like the margins tax proposal spearheaded by the state teachers’ union to raise money for education.

Friday is the deadline for legislators to approve it — or send it to voters on the November 2014 ballot.

And that’s where it’s heading, with no tax committee meetings scheduled Friday to take up the measure.

The initiative would impose a 2 percent tax on businesses that gross more than $1 million annually. Detractors call it a “job-killing” tax that will cripple the Nevada economy as it continues its long slog out of recession.

Some Republicans in the state Senate have said they’ll push to increase taxes on the mining industry as an alternative measure to compete with the teachers’ initiative on next year’s ballot.