John Carney claims that he is powerless, impotent, useless. His hands are tied. There is nothing he can do to raise revenue that doesn’t involve cutting taxes for multi-national corporations in the name of “growth” in order to stay “competitive” with other rival tax havens.
That is a bunch of bullshit and someone with the guts to call Carney out on that bullshit is John Kowalko.
“So the progressive approach is to raise property taxes on the middle class and those who can’t afford it”
NO! The “progressive” approach is to create higher tax brackets (for example a minimally higher .5% on earnings OVER $125,000 and .75% on earnings OVER $250,000 per year. Putting it more simply, a higher bracket for those individuals earning more than a quarter-million dollars in taxable income in one year (after exemptions and any other loopholes have been utilized). I have previously introduced and will reintroduce that specific legislation as soon as we return to session. Last session that legislation successfully emerged from committee with bipartisan support but House leadership would not allow it to the floor for a vote of the full house. That “progressive” tax bracket legislation would have cost an individual earning $250,000 (a quarter million) in taxable income an additional $675 (six hundred and seventy-five dollars) per year in taxes.
“Progressive” taxation is recovering some of the taxpayer-funded corporate giveaways by raising the “franchise tax” cap enjoyed by the richest (minimal stock asset value of approximately $660 million) global conglomerates incorporated in Delaware by $60,000 per year. This would raise $108 million with no duress suffered by these multi-billion dollar corporations. I will be reintroducing this legislation once again this session.
“Progressive” taxation is not unfairly burdening those more fortunate with a disproportionate asking or taking. It is making sure that the necessary services provided by government (roads, police, education etc.) are adequately funded without any unintended harm to the economy, working people, and business community of Delaware.
“Progressive” taxation policies promote economic growth and economic stability that are necessary to serve any civilized society and its citizens.
– Representative John Kowalko