Thursday Daily Delawhere [3.26.15]
Trolley Square by Emil on Flickr.
The Republicans want to frighten the voters into believing that the Democrats will sell out Israel and the United States. Selling this phony message is tremendously important to them as they get ready for the 2016 election. Domestically, their arguments against the Democrats are vanishing. Obamacare is increasingly popular as signups become more efficient. The deficit—the Holy Grail for Republicans—is shrinking. Unemployment is declining. All they can do is complain that Obama and the Democrats are surrendering to Islam.
As the legal or corporate home for hundreds of thousands of businesses, Delaware is allowed to take intangible assets such as dormant checking and savings accounts, uncashed checks and unclaimed dividends and stocks after a certain number of years if the owners can’t be found. [...] But corporations that are required to turn over their unclaimed property have challenged Delaware’s enforcement methods, including estimating the amounts due when no actual records can be found. Meanwhile, only a fraction of companies subject to the escheat laws are complying with the reporting requirements. [Secretary of State] Bullock noted that while increased compliance might bring in more abandoned property revenue, technology has made it easier for companies to track ownership of the assets, meaning there likely will be less for the state to claim in the future. Meanwhile, the state also faces challenges when it comes to gambling revenue, as newer and bigger casinos in neighboring states continue to draw gamblers who used to come to Delaware’s three casinos, panel members were told. Lottery and gambling revenues contributed about $215 million to the general fund in fiscal 2014 but have declined steadily in recent years, with even more competition from other states on the horizon.So the budget gimmickry that has allowed Delaware to operate on a half-flat income tax structure for decades is coming to an end. So what are our options?