Republican bills would cut taxes in wake of state’s revenue windfall
From: Delaware Live
Delaware House Republicans have filed five bills that will cut taxes, saying the state should share its unexpected financial fortune with residents and businesses.
Among other things, the bills would cut the state personal income tax by 10%, cut corporate income tax by nearly 30%; and slash the gross receipts tax – which companies pay on sales – by 50%.
That would allow impacted taxpayers to collectively retain more than $420 million annually, the Republicans said in a press release Tuesday.
“This is an economic development bill,” said Rep. Rich Collins, R-Millsboro, is sponsoring House Bill 91, which would do those things. “In recent years, Delaware has had one of the worst economic growth rates in the nation. I believe allowing people and businesses to keep more of their own money will jumpstart investment, increase employment, and raise starting wages. The state will reap the benefits of this too, as better economic performance produces higher revenue.”
Efforts were not successful Tuesday to reach Democratic leadership for comment on the bills.
The Republicans said in their press release that the State of Delaware is flush with cash and they want to share it with taxpayers. Read more:https://push.delawarelive.com/republicans/