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- 💲 Las Vegas Workers React to Proposals to Eliminate Taxes on Tips
💲 Las Vegas Workers React to Proposals to Eliminate Taxes on Tips
Issue #254 - August 17, 2024
John Wu
17 Aug
Dear SummerSouth Insiders!
🚀Exciting News Ahead & We Need Your Support!🌟
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Affordable Burial Insurance
There’s a new low cost final expense insurance plan available for seniors between 50-85. This plan can cover all of your final expenses:
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📆 Weekly Local Events for August 2024
Regular weekly events in or near Summerlin, Las Vegas are listed below.
Visit here to lookup specific venue information or for upcoming and/or non-weekly events on Meetup.
Monday
Monday Classes At Latin Blendz: (Every week on Monday @ 10AM)
Socially Vegas - Monday Night Bowling @ The Orleans Bowling Center: Must arrive/check-in before 7pm; 7 - 10pm (Every week on Monday); COST (CASH Only) $10 for 2 games (includes shoes) COST: $12 for 3 games (includes shoes)
Monday Night TRIVIA at ReBAR, 1225 S Main St, Las Vegas: (Every week on Monday @ 7PM)
Tuesday
Terrific Tuesday Fun Pickleball @ Police Memorial, Bring a Chair: (Every week on Tuesday @ 2PM)
Sand Volleyball Intermediate, Rusty and Old Time Players @ Aloha Shores Park (NW), Cheyenne & Buffalo, 7550 Sauer St, Las Vegas: (Every week on Tuesday @ 6 - 8 PM)
Run Drink Las Vegas - Weekly Tuesday Run @ Frankie’s Uptown patio: 6:30 - 8:30 PM (Every week on Tuesday), FOLLOW US ON INSTAGRAM @rundrinklv FOR THE LATEST WEATHER/TIMING UPDATES
Coed Soccer - Summerlin: Crossings Park, 1111 Crestdale Ln, Las Vegas: 7:30 - 9:45 PM (Every week on Tuesday/Thursday)
Wednesday
Business Leads Group - Networking Breakfast @ Summit Restaurant, Eagle Crest Golf Course, 2215 Thomas W Ryan Blvd, Las Vegas: Cost $20 cash, 7 - 8:30 AM (Every week on Wednesday)
Early Risers Toastmasters Meeting (In-Person - Summerlin Egg Works / Online Event: 7 - 8 AM (Every week on Wednesday)
Las Vegas Valley Bicycle Club - Wednesday Morning Ride @ Einstein Bagels: 9 - 11:30 AM (Every week on Wednesday)
Speakers & Leaders of Summerlin Toastmasters Meeting, Summerlin Egg Works, 2025 Village Center Cir, Las Vegas: 12 - 1:30 PM (Every week on Wednesday)
Live Music Yoga w/ Cheryl Slader @ Blue Sky Yoga: (Suggested Donation $12); 5:30 - 6:45 PM (Every week on Wednesday)
Country Crossroads Dance, Rhythms Dance Studio & Event Center, 4545 W Sahara Ave, Las Vegas: $15 Drop-in Rate / $50 for the whole month: 8 - 9 PM (Every week on Wednesday)
Thursday
Abundance Business Networking Group Online Event: 7 - 8:30 AM (Every week on Thursday). Please arrive 10-15 minutes early for networking. Steps to access our BNI Online™ Virtual Chapter Meeting, visit website.
Las Vegas Real Estate Investors Association - Weekly Power Lunch For Real Estate Investors: 11 AM - 1 PM (Every week on Thursday). Request to join here.
Free Salsa Classes @ Feel The Music Dance Studio: 7 - 8 PM (Every week on Thursday). Visit the website to register online.
Summerlin Bitcoin Happy Hour, SG Bar, 9580 W Flamingo Rd, Las Vegas: 6:30 PM (Every week on Thursday)
Coed Soccer - Summerlin: Crossings Park, 1111 Crestdale Ln, Las Vegas: 7:30 - 9:45 PM (Every week on Tuesday/Thursday)
Friday
Find Your Yoga Las Vegas - Flow & Yin W / Noé Hilyard @ Yoga Sanctuary: 6 - 7:15 PM (Every week on Friday) View Yoga Sanctuary's full schedule.
Swing Dancing in Las Vegas Vintage and Modern Swing Dances @ The Mint Tavern: 7:30 - 8:30 PM (Every week on Friday)
Saturday
Vino Las Vegas Wine & Yacht Club Brunch: 9 AM - 2 PM (Every Saturday and Sunday)
Find Your Yoga Las Vegas - Saturday Morning Meditation with Practitioner Selina Kelly @ Yoga Kandy, LLC. Cost: Love Donation $5-$10 suggested. 11 - 11:45 AM (Every week on Saturday)
Sunday
Las Vegas Valley Bicycle Club - Sunday Morning Ride @ Einstein Bagels: 9 - 11:30 AM (Every week on Sunday)
Vino Las Vegas Wine & Yacht Club Brunch: 9 AM - 2 PM (Every Saturday and Sunday)
Level 1 West Coast Swing @ 2580 N Rancho Dr, North Las Vegas: 7 - 8 PM (Every week on Tuesday); Drop in Rate is $15, Monthly pass is $50; Register online.
⛽ Las Vegas Gas Prices
💲 Las Vegas Workers React to Proposals to Eliminate Taxes on Tips
The Las Vegas Valley is abuzz with discussion following a major campaign pledge from both former President Donald Trump and Vice President Kamala Harris, who have each promised to eliminate taxes on tips if elected. This proposal has significant implications for the Southern Nevada economy, which is home to one of the largest populations of tipped workers in the nation.
Impact on Tipped Workers
For many in the service industry, including Las Vegas cocktail server Alexis White, the prospect of not being taxed on tips would be life-changing. White, who is part of the Culinary Union—a group representing 60,000 workers in Las Vegas and Reno—expressed strong support for the proposal. She highlighted the financial instability that tipped workers face, especially when their income is uncertain but their tax obligations are not.
“That’s the biggest problem with the system is I am not guaranteed to make a certain amount of money,” White explained. “Yet I am guaranteed to have to pay the taxes on that amount of money. So, how does that work?”
White also noted that several of her colleagues have left Las Vegas because they couldn’t make ends meet in the service industry after the pandemic, underscoring the financial pressures that tipped workers often endure.
Economic Considerations
John Wightman, a Certified Public Accountant and Managing Partner at Rich Wightman & Company, views the proposal as a positive, targeted tax reduction that could benefit a wide range of workers, from those at local diners to employees at major casinos like MGM or Venetian. However, Wightman also acknowledged the potential downsides, particularly the reduction in tax revenue that would result from such a policy.
“The impact is going to be obviously, less dollars are going to be put into the tax system, which is going to require some cuts to have to be made, and some programs and things like that,” Wightman said, noting that it would require careful oversight by government officials.
Political and Economic Repercussions
The proposal to eliminate taxes on tips is gaining traction across party lines, with support from both Democratic U.S. Senator Jacky Rosen and Republican Governor Joe Lombardo. Lombardo emphasized the hard work of Nevadans in the service industry, stating, “they deserve to keep every tip they’ve earned.”
However, critics of the proposal warn of broader economic repercussions. Economists have pointed out that eliminating a source of income taxes could significantly impact programs like Social Security, especially given the federal deficit and national debt. IRS figures show that American workers paid $38 billion in taxes on tips in 2018, highlighting the substantial revenue at stake.
Some detractors suggest a flat tax as an alternative, where everyone pays the same amount, but White argues that this approach does not make financial sense for all workers. “Of course, we want to pay taxes, of course. But we want to pay fair taxes, and that’s not what’s happening,” she said, calling on politicians to find a more equitable solution.
Looking Ahead
The debate over taxing tips is set to play a significant role in the upcoming election, with both Trump and Harris making it a key part of their campaigns. Interestingly, Trump has accused Harris of stealing the idea after both candidates presented it at separate rallies in Las Vegas, months apart. Meanwhile, the White House has indicated that President Biden would support such legislation if it reached his desk.
As the conversation continues, tipped workers in Las Vegas and across the country are closely watching to see if this proposal will become a reality, potentially reshaping the financial landscape for millions in the service industry.
🏈 Raiders vs. Cowboys: Key Focus Points in Crucial Preseason Clash
As the Raiders prepare to host the Dallas Cowboys at Allegiant Stadium on Saturday at 7 p.m., this preseason game carries more weight than most. With the regular season opener against the Chargers looming on September 8, this matchup serves as a critical final test for many players, particularly those vying for starting roles.
1. Quarterback Battle: The Final Exam
The spotlight will be on the quarterbacks, Aidan O’Connell and Gardner Minshew, as they make their final case to be the Raiders' starting quarterback. If training camp and the first two preseason games were akin to a semester of school, then Saturday’s game is the final exam.
Head coach Antonio Pierce, general manager Tom Telesco, and offensive coordinator Luke Getsy will closely evaluate their performances to determine who will lead the team come Week 1. Minshew is expected to start and play the first quarter, while O’Connell, who started against the Vikings last week, will take over in the second quarter.
Both quarterbacks impressed in the preseason opener, avoiding turnovers and demonstrating efficiency, timing, and accuracy. However, Saturday’s performance could be the deciding factor in who wins the starting job.
2. Young Secondary Under the Microscope
The Raiders' secondary, particularly the young cornerbacks, will need to step up against the Cowboys after an uneven performance against the Vikings. The lack of joint practices during training camp may have contributed to some of the mental mistakes and big plays allowed by the young defensive backs, including Decamerion Richardson and MJ Devonshire.
With veteran cornerback Brandon Facyson sidelined due to an undisclosed injury, the pressure is on the younger players to fill the gap. If Facyson isn’t ready for the start of the season, the Raiders may have to rely on these young players sooner than anticipated. Their performance against Dallas will be crucial in determining if they’re ready for the challenge or if the team needs to explore external options for added depth.
3. Run Defense: A Must-Improve Area
Defensive coordinator Antonio Pierce has emphasized the importance of stopping the run, but the Raiders struggled in this area against the Vikings. The defense was plagued by linemen failing to shed blocks, linebackers not properly filling gaps, and poor tackling angles from the secondary, leading to several big runs.
With back-to-back games against run-heavy teams like the Chargers and Ravens to start the season, improving the run defense is paramount. The defensive line must win more one-on-one battles, and the linebackers need to better execute their assignments to prevent opponents from controlling the game on the ground. A strong showing against the Cowboys will be a step in the right direction and a key to setting the tone for the regular season.
What’s at Stake
This game is more than just another preseason matchup; it’s a critical moment for the Raiders to solidify their roster and address lingering concerns before the games start counting. The performances of the quarterbacks, secondary, and run defense will be scrutinized, as decisions made after this game could have a lasting impact on the Raiders' success this season.
Fans and coaches alike will be watching closely to see who steps up under the pressure and who needs more time to develop—or perhaps a new opportunity elsewhere.
🎰 Nevada Casinos and Cannabis: A Complex Relationship on the Horizon
Nevada's bustling casino industry could make waves if it were to embrace the consumption of cannabis products within its resorts. However, despite the potential for a significant shift, such a move appears unlikely in the near future due to existing regulatory hurdles and the cautious stance of gaming authorities.
The Current Landscape
In 2018, the Nevada Gaming Control Board issued a clear directive following extensive discussions by the Nevada Gaming Policy Committee: gaming licensees are prohibited from engaging in any business with entities involved in the cannabis industry. This policy forced gaming operators to choose between participating in the burgeoning legal cannabis market or continuing their gaming operations. Unsurprisingly, most chose to stick with gaming, a sector that has long been the backbone of Nevada's economy.
Potential Changes on the Horizon
However, the landscape is beginning to shift. State and local officials have started paving the way for cannabis consumption lounges, and federal authorities are considering reclassifying marijuana from a Schedule 1 to a Schedule 3 drug. This reclassification could potentially ease some of the legal restrictions that currently prevent the integration of cannabis into Nevada's gaming resorts.
Schedule 1 drugs, which include marijuana, heroin, LSD, and ecstasy, are classified as having a high potential for abuse and no accepted medical use. In contrast, Schedule 3 drugs, such as Tylenol with codeine and anabolic steroids, are considered to have a lower potential for abuse and are accepted for medical use under strict regulations. The reclassification of marijuana could significantly alter its legal status and open new avenues for its integration into mainstream businesses, including casinos.
Early Moves in Las Vegas
Las Vegas has already seen the emergence of cannabis consumption lounges, with the first of about 40 such establishments opening in February near major casino resorts like Circus Circus and Resorts World Las Vegas. Smoke and Mirrors, the first lounge to open, sits in the shadows of these iconic resorts, highlighting the proximity yet separation between the cannabis and gaming industries.
Industry Perspectives and Risks
A recent panel discussion at the Boyd Law School at the University of Nevada, Las Vegas, brought together experts from the cannabis and gaming industries, as well as researchers from UNLV’s Cannabis Policy Institute and International Gaming Institute. The consensus among the panelists was that while allowing cannabis consumption in casinos could pioneer significant change, it would come with considerable financial risks unless current policies are amended.
Jennifer Roberts, a Boyd gaming law professor and general counsel for Wynn Interactive, underscored the importance of adhering to regulatory directives. “What it really comes down to is what the regulators tell you to do, you’re going to do,” Roberts said, explaining that the long-standing directive from gaming regulators has been to keep cannabis and gaming separate. This directive is rooted in federal law, which still considers the use, consumption, and distribution of cannabis illegal.
Missed Opportunities and Economic Potential
Robert Hoban, a global cannabis leader who has advised over 30 governments on cannabis commercialization, pointed out that the strict separation between gaming and cannabis represents a missed business opportunity. He highlighted the inconvenience for consumers who visit Las Vegas and find that cannabis delivery to the Strip is prohibited, as well as the prohibition on gaming licensees investing in or engaging with cannabis businesses.
Hoban also drew a comparison between cannabis and alcohol, noting that while gaming regulators express concerns about the impact of cannabis on the integrity of casino gambling, they largely ignore similar concerns regarding alcohol consumption, which is widespread in casinos.
Federal Concerns and the Historical Context
Clark County Commission Chairman Tick Segerblom, a long-time advocate for the cannabis industry, traced the cautious approach to cannabis back to Nevada’s history with legalized gambling. He explained that the state’s current gaming regulatory structure was designed to keep federal authorities at bay, a strategy that similarly motivated the legalization and strict regulation of cannabis.
“The reason why we have legalized gaming in the current regulatory structure...is because we didn’t want the feds to come in and intervene,” Roberts added. Casinos are considered financial institutions under federal law, and they must report any illegal activities, including those involving large cash transactions, which is a significant concern when it comes to cannabis, a largely cash-based industry due to federal banking restrictions.
The Future: Integration or Continued Separation?
The question of whether Nevada’s casinos and the cannabis industry will eventually converge remains open. Panelists at the UNLV discussion suggested that the best strategy might be for Nevada to join other states in decriminalizing or “de-scheduling” cannabis rather than simply reclassifying it under federal law.
Segerblom expressed optimism that cannabis could eventually be integrated into casinos, albeit gradually. He suggested starting with designated lounges within casinos where guests could bring their own cannabis products. As more consumers demand access to cannabis within these entertainment hubs, the pressure on casinos to adapt could grow.
Hoban also emphasized the importance of consumer preferences in shaping the future. He proposed that gaming licensees experiment with integrating cannabis by allowing dispensaries within casinos, arguing that such a move could keep patrons on the premises longer and potentially increase casino revenues.
Conclusion
While the integration of cannabis into Nevada’s casino resorts is not imminent, the discussion is gaining momentum. The evolving legal landscape, coupled with changing consumer demands, suggests that the relationship between gaming and cannabis could eventually shift. However, until federal and state policies are aligned, the separation between these two industries is likely to persist.
🏫 Big Changes Coming for Las Vegas Real Estate Transactions Amid NAR Settlement
Starting Saturday, potential homebuyers and sellers in Las Vegas will experience significant shifts in how they interact with real estate agents, following a landmark settlement in a class-action lawsuit that alleged real estate agents were artificially inflating commissions. The National Association of Realtors (NAR), the nation’s largest trade organization, agreed to a $418 million settlement and implemented several new rules that will fundamentally alter the real estate landscape. Despite the settlement, NAR did not admit to any wrongdoing.
Key Changes for Homebuyers
One of the most notable changes for homebuyers is the requirement to sign an agreement before viewing any properties. Tim Kelly Kiernan, branch manager of Realty ONE Group’s Summerlin office, explained that this new rule means real estate agents must secure a signed agreement from buyers before showing them homes, a significant departure from previous practices.
"Let’s say your cousin says I am a good Realtor, and so they say, ‘I’d like to go see this house today at three o’clock because I saw it on Zillow,’ " Kiernan said. "Normally I would just meet that person at the house, but now we can’t do that. I have to sit on the phone to try and explain to you that you have to sign this form before I can show it to you. And this form commits you to paying me money, which has never happened before."
This change is expected to impact the initial stages of homebuying, as buyers will now need to commit to financial terms much earlier in the process.
Removal of Buyer-Agent Compensation from MLS Listings
Another significant shift pertains to the Multiple Listing Service (MLS), which is controlled by NAR and where most properties are listed. Under the new rules, blanket offers of compensation from sellers to buyers’ agents will no longer be included in MLS listings. Previously, these compensation offers were visible only to real estate agents, not consumers, leading to what some have described as a lack of transparency in how commissions were handled.
Real estate professionals believe this change will bring commission negotiations into the open, promoting greater transparency in real estate transactions. However, the long-term effects on commission rates and home prices remain uncertain.
Impact on Commissions and the Real Estate Market
With these changes, many in the industry are adopting a “wait and see” approach regarding how commissions and the overall market will be affected. Brandon Roberts, president of Nevada Realtors, noted that real estate commissions, both nationally and in the Las Vegas Valley, have already declined by nearly a percentage point since the beginning of the year. He anticipates that commissions could drop further, potentially driving less experienced agents out of the industry.
“I always believe that people pay for value,” Roberts said. “And so for me, what I think this will do is some agents will make more and some agents will make less depending on their ability to demonstrate value.”
Anna Klinger, co-owner of Nevada Desert Realty, supports the move toward a more transparent process but is cautious about predicting a significant drop in commissions or home prices. “I wouldn’t necessarily agree with that,” Klinger said. “Commissions are 100 percent negotiable.”
Market Context and Future Outlook
These changes come at a time of heightened mortgage rates, which, despite a slight recent decrease, remain historically elevated. As of now, 30-year fixed mortgage rates are hovering above 7%, a level last seen consistently in 2002. Coupled with home prices in the Las Vegas Valley nearing record highs, the real estate market is at a critical juncture. According to Redfin, condos and townhomes in the area have already surpassed previous pricing records, highlighting the region’s ongoing housing crisis.
The combination of these market dynamics and the new NAR rules could lead to significant shifts in how real estate transactions are conducted in Las Vegas. While some agents see this as an opportunity to reinvent the industry, others remain cautious, unsure of how these changes will play out in practice.
As the real estate market adapts to these new rules, both buyers and sellers in Las Vegas will need to navigate a rapidly changing landscape, where transparency and negotiation take on new importance.
Summerlin South, NV Demographics
What is the population of Summerlin South?
What are the employment statistics in Summerlin South?
How many households are there in Summerlin South?
What are the median and average incomes in Summerlin South?
How many homeowners and renters are there in Summerlin South?
What is the level of education in Summerlin South?
What is the marital status of Summerlin South residents?
What are the most common means of transportation in Summerlin South?
Methodology & Disclaimers
Demographic data shown in this section was gathered from the latest U.S. Census Bureau release, the 2022 American Community Survey. The information is updated yearly, as soon as new data is made available by the US Census Bureau.
No representation, guarantee or warranty is made as to the accuracy or completeness of information modified or aggregated for specific neighborhoods and/or zip codes.
Zip codes included in this demographic data: 89135
Summerlin Area Command - Week Ending: August 9, 2024
Courtesy of The Las Vegas Metropolitan Police Department.
📌 🏠 Summerlin South - July 2024
*Median Sold Price By Bedroom Count
This is the middle price for which all homes in the area were sold based on the number of bedrooms. Half of all the homes sold were below this price, and half were above.
Visit here to see the entire report.
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Until next time, John Wu.