Economic Roundup Highlights Future Impact of Trump’s Presidency on Nevada Business Landscape
Reno, NV – The Northern Nevada Development Authority (NNDA) hosted an Economic Roundup on November 14, 2023, where economic experts discussed the implications of the upcoming 2024 General Election on Nevada’s economic environment. Panelists included Brian Bonnefant from the University of Nevada, Reno, Nevada State Treasurer Zach Conine, and Dennis Cuneo, president of DC Strategic Business Advisors and former senior vice president at Toyota.
The panel addressed how President-elect Donald Trump’s anticipated policies could reshape Nevada’s economy, notably through potential tax cuts and changes in supply chains. Bonnefant warned of the national debt implications tied to lowering corporate tax rates from 21% to 15%, as well as the looming sunset of the 2017 Tax Cuts and Jobs Act. He also remarked on potential major alterations to Social Security and Medicare.
Cuneo noted the significant interest in electric vehicles (EVs) in Northern Nevada, highlighting that while EV sales have surged, Trump’s platform seeks to eliminate the $7,500 tax credit for purchasers. This could stall growth in Nevada’s burgeoning EV market, which includes over a dozen companies and substantial investment in lithium mining, crucial for battery production.
State Treasurer Conine emphasized the need for vigilance regarding federal spending changes, cautioning that significant cuts could jeopardize essential services, including K-12 education. The state’s healthy rainy day fund, he explained, could be at risk if federal funds are withheld.
Conine also stressed the necessity of addressing affordable housing alongside economic development, advocating for collaboration across government levels. “Until we solve that problem, all the other issues will continue to fester,” he stated.
The discussion underscored a pivotal moment for Nevada as it navigates the complexities of a shifting political and economic landscape.
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