It’s September and with september comes the time to set up the next legislative session in Legislative Hall.
The first issue of business is revenue. Delaware needs to generate more revenue. The more revenue generated here, the more people go to work and the more people go to work, the higher the wages must rise to attract labor…
The way to put Delaware on the fast track to economic growth is as always, to raise taxes…
Here is the first proposition on the table.
Creates four high-income tax brackets for taxpayers with taxable incomes exceeding $250,000, $300,000, $500,000 and $1,000,000. This increased tax will be in effect for 7 years..
- Imposes a 10.3% tax rate on taxable income over $250,000 but less than $300,000-
- Imposes an 11.3% tax rate on taxable income over $300,000 but less than $500,000–
- Imposes a 12.3% tax rate on taxable income over $500,000 up to $1,000,000–
- Imposes a 13.3% tax rate on taxable income over $1,000,000-
- All capital gains will be assessed by the level with which they fall into the categories above.
Currently the highest tax rate is 6.95 for all income over $60,000. A travesty really. Someone making $400,000,000,000,000,000 is paying the same rate as someone earning one penny over $59,999.99….
As a special request, I would ask that all this income be earmarked to improving our schools. No one making $400,000,000,000,000,000 could possibly argue against paying more for that! Public school education is necessary for the continuation of America.
I would further ask that each existing school district offer an accurate budget proposal based on what they actually would need to make themselves run smoothly, deducting the money they should receive from their referendums, and send in the remaining budget shortfall into the state.
If it takes $120 million to run a district, and you only have $90 million to spend, it is no wonder we have problems in education. The state should fund the $30 million and should take that $30 million from the higher assessments that Delaware so desperately needs.
Time to start discussing it.