Celia Cohen fellates Ken Simpler and supply side economics once more in reporting on the Revenue Commission’s findings:
They also found, as Markell had, retirees are getting a sweet deal through an assortment of tax breaks that ought to be revisited. They concluded it was fine for the state to rely on personal income taxes and corporate franchise taxes and fees as the mainstays of its revenue, although the personal income taxes could stand to have itemized deductions eliminated and the top marginal rate lowered.
What they decided the state could use, though, was another steady revenue source. They identified a property tax as the best candidate, especially because Delaware has one of the lowest property tax burdens in the country. Nobody should get too excited yet about this idea, one way or the other. Here is where it pays to remember Markell’s remark about the difference between the math and the politics. Other suggestions: Eliminate the estate tax. Shave the corporate income tax but nudge up the gross receipts tax. Recalibrate the realty transfer tax.
There was one last conclusion to be drawn. People ought to pay attention to that Ken Simpler guy. He appears to be the driving force behind a lot of the analysis.
No shit. Eliminating the Estate Tax, cutting the corporate income tax rate, eliminating itemized deductions (like your mortgage deduction) and lowering the top marginal rate (which is already at 6.6% starting at the $60,000 net injcome)??? All horrible conservative ideas that are giveaways to the wealthy and that will further deprive this state of revenue, all the while raising taxes on everyone else.
Ken Simpler should be ashamed of himself. And Celia has no shame.