According to the 2012 Financial Report of the State of Delaware, there were in 2010,… 4887 people in the top 1% of Delaware’s income… Over ten years, that number increased by 445 people. The average AGI (Adjusted Gross Income) of just this 1% was $728,553. if this was the average then the average times the number of people will give us the total AGI for that income bracket…
$728,553 X 4887 = $3,560,438,511 or $3.5 billion dollars of taxable income…..
Here is a chart showing the amounts if we tax this segment additionally…. Currently top-bracketed income due for 2014 is to be taxed at a rate of 6.9%…..
2014 @ 6.9% = $245,670,257 …
Now with additional increases in the percentage…….
.5% = $17,802,192 new rate of 7.4%
1% = $35,604,385 new rate of 7.9%
1.5%= $53,406,578 new rate of 8.4%
2% - $71,208,770 new rater of 8.9%
These are the amounts of revenue at our disposal, based off the 2010 data.
These rates compare to New Jersey’s at 8.97%,
Keep in mind these increases are just on the top 1%. No tax increases in this post were considered for those in the 99% category.
And please don’t feel sorry for these people having to pay more. The Dow Jones average is up 23.79% on the year…
Someone with $3 billion in assets acquired an income just off stocks alone, $714 million by doing nothing… It grew that much….
They certainly have a little extra cash, this year to help the state out a little…
Compare that amount to all those things now broken in the state of Delaware which get band-aids because we aren’t leaning on those sitting on this much money as we should be.
Before any knucklehead even thinks of doing away with prevailing wage, something that helps the Delaware economy, …. taxing this money pile so more stays here inside our state’s boundary must take place first.