DOVER — What’s the difference between yearly earnings of $60,001 and $1 million?
Yes, it’s nearly $940,000, but in Delaware, there’s no distinction between the two figures for tax purposes.
All income above $60,000 is considered in the state’s top tax bracket. That means someone who makes $60,001 pays the same rate of 6.6 percent as a tycoon of industry pulling in millions of dollars each year.
Republicans say higher taxes stifle economic growth; Democrats have mixed views.
The Delaware General Assembly is no exception.
But with revenues projected to fall well short of projected spending, lawmakers have to do something to balance the budget for the fiscal year starting July 1. Those steps will be decided over the ensuing months.