When Delaware has a deficit, the Republican solution is to cut spending and cut taxes. When Delaware has a surplus, the Republican plan is to cut spending and cut taxes. House Bill 191 is just their latest entry into the never changing mantra of the Republican Party. The bill will cut all personal income tax brackets by 10%. And because Republicans cannot help themselves, they want us to give relief to the poor poor corporations by cutting the Corporate Tax Rate by 2.6%, from 8.7% to 6.1%, and they want to cut the gross receipts tax by a whopping 50%.
Here is my plan: No tax cuts or increases this year. We need to refill the reserve fund that was spent last year during COVID. And we can refill whatever rainy day fund Carney operates as well. And then we can talk in the new year about tax bracket reform, where we will add two new brackets for those making over $150k while cutting taxes by some amount if the surplus persists and education and healthcare is fully funded.
Oh, and there will never be a cut in the Corporate or Gross Receipts Taxes.
|House Bill 191 Sponsors||Yes Votes||No Votes|
|Collins, Ramone, Yearick|
|Lawson, Bonini, Richardson, Wilson|
|Current Status: House Revenue & Finance 5/18/21|