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Delaware financial picture on rapid decline

November 29, 2019

Not a single Fortune 500 company is headquartered in Delaware today.

Not surprising considering Delaware’s ranking of 50th among all states in corporate income taxes. Delaware ranks 42nd among all states for tax revenue as a percent of personal income, primarily due to the 6.6 percent top marginal rate kicking in at just $60,000.

Overall, Delaware is ranked 39th in the Fraser Institute’s 2018 economic freedom rankings, a precipitous fall from its 10th ranking in 2002.

In 2002, Republicans shared power. Mike Castle held the U.S. House seat, there was a Senate majority of 26 Republicans vs. 15 Democrats, and Jane Brady was attorney general.

Today, Republicans control no statewide or national offices. In 2002, there were three Fortune 500 companies in Delaware: DuPont, MBNA and Conectiv. All were acquired in mergers, but none chose to stay - this is not progress.

Hylton Phillips-Page
Rehoboth Beach

 

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