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The Tax Man Cometh?

June 28, 2009

The Delaware State legislature is hell bent on enuring all tax payers suffer.  They are pushing for tax increases across the board on incomes over $50,000. 

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News Journal data:

 Records supplied by the state Department of Finance show the proposed new income tax rates for 2010 would have affected more than 96,000 individuals with taxable income of $50,000 and up, had the new rates been in effect in 2007. 

 That number was about 23 percent of the 418,000 individual resident taxpayers in that year, although personal income tax collections are expected to be down more than 9 percent this year compared with 2008, and lower still compared with 2007. 

Top wage earners carry the burden. According to the state, the group earning $50,000 and above generate 61 percent of all taxable income.

•Under the current proposal, the average taxpayer in the $60,000 to $150,000 bracket would pay about $290 more, with those earning $100,000 seeing their tax jump by $438.

•People who earn $150,000 will see an increase of $938.

•Those earning $200,000 will be hit with a $1,688 increase.

Delaware is home to a sizable number of millionaires, which skews the average taxable income of those in the $150,000-and-above bracket to $424,306. Those people will see their income tax jump by $5,054.

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In Today’s New Journal article, it was quoted that “State labor groups and Democratic Caucus leaders say balancing the budget through hasty cuts — rather than higher taxes — could seriously cripple state government.”  

This is a wrong school of thought on so many levels.  How about freeze overtime?  How about reform the number of school districts?  How about freeze hiring?  How about having a performance audit done to actually see how many state employees are needed, and whether each agency or program is needed?

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