JEFF CARTER, NEVADA TREASURER?
Jeff Carter
Photo: Nevada News and Views
Our FAIRtax Board of Advisors member, Jeff Carter, is about to throw his hat in the ring to become the next Treasurer of the State of Nevada. Chuck Muth, recently writing in Nevada News and Views, featured Jeff in an article, which you can read here: https://nevadanewsandviews.com/why-insiders-are-whispering-loudly-about-this-new-name-for-nevada-treasurer/. Muth concludes: “If he does decide to run, the race for Treasurer won’t just be about party labels. It’ll be about who Nevada trusts with its checkbook. And that’s a conversation worth having.”
If Jeff decides to run and is successful in his campaign, something more will happen. He will be in a strong position to promote the FAIRtax, either in Nevada or at the national level. Nevada is already one of eight U.S. states with no personal income tax. Nevada also does not impose an estate or death tax, so it is already well on its way to a true state-level FAIRtax. However, Nevada imposes a Commerce Tax on businesses with gross revenue exceeding $4 million. There is also a Modified Business Tax on taxable wages exceeding $50,000 per quarter for employers – and no Prebate.
Nevada could have a true state tax mirroring the federal FAIRtax by raising its sales tax rate and slightly broadening its base. The state sales tax rate in Nevada is 4.6%. Local governments can impose additional local sales taxes, raising the total sales tax rate in some areas. The highest combined sales tax rate in Nevada is 16.89% in Washoe County, home to Reno and Sparks.
Jeff could propose a budget for a study on the rate required to replace revenue from the Commerce Tax and the Modified Business Tax, and to fund a Prebate.
Jeff could take a different approach by proposing a resolution like the Florida Senate Memorial 118 from May 9, 2014, or the Tennessee House Joint Resolution 17 from the 114th Legislative Session, 2025-26. Both resolutions are state measures urging the U.S. Congress to pass the FAIRtax. Another version of such a resolution would be a declaration of intent to ratify the repeal of the 16th Amendment to the U.S. Constitution if the FAIRtax should pass.
We hope Jeff decides to run and wish him success in his campaign. FAIRtax’s tax status with the IRS does not freely allow it to support or oppose candidates for public office. But we gladly inform the public about where candidates stand on the FAIRtax. Please read Jeff’s bio below to learn how he came to the FAIRtax.
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Jeff Carter is a graduate of the University of Illinois College of Business and earned an MBA from the University of Chicago, Booth Graduate School of Business. Mr. Carter is a long-suffering fan of Chicago pro sports teams.
Jeff was a general partner at West Loop Ventures and, in April 2007, co-founded Hyde Park Angels and spearheaded its growth into one of the most active angel groups in the United States. He has consulted on the startup of several other angel groups.
He is a former independent trader and member of the CME Board of Directors, and he was part of a small group that transformed CME from an open-outcry exchange into the world's largest electronic exchange. In 1998, CME was worth $182,134,000 in membership enterprise value. Today it’s worth $80 Billion.
Jeff was also a US representative to the first-ever G7/I7 summit in Torino, Italy, in 2017.
He is a Free-Market advocate, grounded in his experience with transparent, free marketplaces, and a believer in the FAIRtax and its implications for American citizens and economic growth.
Here is why Jeff supports The FAIRtax.
"Originally, I was a big proponent of the flat income tax because it appeared to be easier to move to. However, as I learned more about The FAIRtax, I realized it is better because The FAIRtax is a consumption tax and therefore, economically more efficient. It also will increase incomes faster, increase the value of underlying capital stock faster, and create a more robust economic environment than any other tax scheme that has been enacted or is being proposed."
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If you know someone like Jeff, I would love to hear from you.
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