House Bill 109 is an important piece of legislation that warrants a vote in the House. It is a progressive restructuring of Delaware's tax rates and brackets that will generate additional revenue now and over time.
It will help grow the economy by putting more money into the hands of those who will spend it locally.
HB 109 lowers the current tax rate by .05 percent for each tax bracket and creates new tax brackets at $125,000 (7.05 percent) and $250,000 (7.80 percent). Under the current tax rate, an individual whose taxable income is $60,001 pays at the same tax rate (6.80 percent) as someone whose taxable income is $250,000 or above. The bill also provides a tiered reduction of itemized deductions based on taxable income.
Consider that from 2009 to 2012 the income of the top 1 percent of Delawareans grew 15 percent. In the same period the income of the other 99 percent fell 1.6 percent.
Surely those who have benefitted most economically in the past eight years can afford to be taxed at a slightly higher rate than those of us who were left behind.
HB 109 has been on the House Ready List since April 5. It is time to put it on the agenda so our legislators can vote for a responsible and equitable solution to raise needed revenue to fund our schools, deal with the opioid crisis, and address the corrections system problems.
Joanne Cabry
chair, Progressive Democrats of Sussex County
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