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.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
12 comments:
You see this nation wide politicians trying to FIX STUPID.
NO
Everyone should pay the same percentage. Why penalize wealthy people?
Yes. They can afford it.
Pay the same as us minions, on what they make.The question should be is how can they and the rest of us pay less. By cutting off assistance crap and at least have oversight so you only get it when needed and for a short period to get moving.
It is 0% for everyone in FL.
NO - we all make choices and there should not be a penalty because one is wealthier than another.
Stupid! Flat taxes, We should all demand it! As far as delaware, the Democrats have spent like none other, Now are broke and willing to do anything. You want to pay less taxes remove libral politicians!
6.6% of $1 million is $66,000 in tax. 6.6% of $60,000 is only $3,660. Does Delaware want to lose the $66,000 in revenue by causing millionaires to leave if they raise taxes on high earners to make the $60k earners feel better?
By the way, what is their 'fair share' anyway? My democrat friends use that term all the time. If they think the government can spend our hard earned dollars better than you and I, why not give all your money to the government?!!
But Sales Tax and Higher Property Taxes in Florida....
it's never "how the gov can do more with less," it's always how the taxpayers can do with less.
12:41 With my income, it is much cheaper to pay sales and RE tax in FL than DE or MD income tax.
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