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Chapter 529

Apparently buried under 528 chapters before it, chapter 529 of the tax code sets up a variety of potential ways people can start to save toward their childrens’ college, if their states get off the dime. Thanks to the diligence and foresight of Treasurers going back to Bob Seale (Seale, Brian Krolicki, Kate Marshall and Dan Schwartz) and two decades of Legislative proaction, few states have implemented more of those options than Nevada.

This has become a matter of public policy based on research findings that children who know someone is saving money for them to go to college are many times more likely to actually go.

This appears to be based on social science research from the Washington University in St. Louis, described here.

If you’ve got young’uns in your life, check out all the state programs at nv529.org.

Happy Inauguration Day

Americans of all parties got to celebrate the inauguration of their favorite President today. Trump’s first anniversary was top-of-mind, of course. This morning, Nye County Republican Central Committee Chairman Joe Burdzinski spent part of his Chairman’s Report recounting his attending President Reagan’s inauguration 37 years ago today. He had some great observations, and concluded with the part of Reagan’s speech that day that still resonates for him:

In this present crisis, government is not the solution to our problem; government is the problem.

Reagan continued:

From time to time we’ve been tempted to believe that society has become too complex to be managed by self-rule, that government by an elite group is superior to government for, by, and of the people. Well, if no one among us is capable of governing himself, then who among us has the capacity to govern someone else?

Night out on the town

Sarah and I had a blast tonight at the Sienna Conservative Club Holiday Buffet & Party. We both came away encouraged by so many new Nevadans getting active in the process and decided to post this old editorial cartoon for Throw Back Thursday.

From 1999 to 2007, I lived and breathed the state budget serving in the Nevada Legislature. Both Democrat and Republican majorities appointed me to the “money” committee every session I served. There, I learned the ins and outs of state cash flow, revenue forecasting and state overspending habits. With this fresh knowledge, I requested a bill draft in 2004 (in between sessions) to rebate Nevadans with a credit on their annual car registrations due to over taxation. The Governor brushed me aside and championed the idea as his own in 2005, but I didn’t care, and was just happy Nevadans got back $300 per vehicle the next year.

Treasurer Chiang Releases Pot Report

California Treasurer John Chiang put together a “Cannabis Banking Working Group” several months ago to study the contortions created by the juxtaposition of state cannabis legality and our republic’s illegalization.

It considers strategies in four areas:

  1. Tax and fee collections needs to be safer and more efficient
  2. Figure out how to get cannabis access to bank services
  3. Study creating a state-backed bank to create bank services for cannabis businesses
  4. Work to change federal law to respect the now loud voice of the states (the problems the CBWG noted exist in 30 states (including DC)).

after pointing to the following societal problems:

  1. Cannabis businesses are forced to accumulate staggering amounts of cash. Their customers must pay in cash, and cannabis businesses can’t get banks to create bank accounts for them to deposit the cash into, like other businesses. This makes their customers and employees targets of violent crime, and promotes tax evasion.
  2. It costs more to secure government locations for the payment of cash than it does to provide armored car service to pick the cash up. In addition, state law could create a state bank that took currency in and delivered it directly to the Federal Reserve for redemption.
  3. We’ll never stop the black market until this new industry has normal access to banking.

Here is a link to the report. As the Republican candidate for Nevada Treasurer, I would encourage Nevadans to take a look at the report. The short story is in the Executive Summary close to the top. Feel free to offer me your opinion – my cell is 702-592-8822.