Delaware Is Losing Its Own Invention and Top Moneymaker — Plus Rally Location Change
Letters to the 38th Report
The 38th Report welcomes letters from our readers on issues affecting our district, Sussex County, and the State of Delaware. We may periodically publish selected letters here to share viewpoints and encourage discussion on the issues that matter to our community.
DELAWARE IS LOSING ITS OWN INVENTION AND TOP MONEYMAKER
Charlie Copeland, Director-Center for Economic & Fiscal Policy at Caesar Rodney Institute, recently authored an eye-opening piece regarding Delaware’s largest revenue source, corporate franchising. State spending has climbed, while corporate franchise income has not. Delaware Legislature’s solution: increase taxes and fees on businesses!
For decades our state had been the nation’s incorporation capitol. Taxes and fees companies pay to incorporate here make up 30% of Delaware’s General Fund. Presently, franchise taxes remain flat except for the HB 400 tax increase approved in May by Governor Meyer. To fill our revenue gap, officials just raised the cost of doing business in Delaware. Copeland points out while businesses incorporated here increased by 25.4% since 2021, franchise tax revenue has decreased by 6%.
Yes, Delaware is still gaining companies, but revenues are lower with less collected. The reason why is competition! Delaware‘s increase in corporate franchise taxes is actually chasing customers away. Places like Texas make relocation attractive. They charge no personal income tax, keep business taxes low, and have consequently created a regulatory and litigation environment for businesses better than Delaware’s. The result is Texas has been named the best state for business for almost 20 years. They even have a rival business court to compete with Delaware’s Court of Chancery, previously the gold standard.
Sadly, Copeland is correct when he points out Delaware’s problem is spending, not revenue. Our state raises prices, while Texas steals our customers, like Exxon and SpaceX. The outcome should have been foreseeable by elected officials.
Gary Dunham
Wilmington
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Rally Location Change
Senator Bryant Richardson has announced that because Tuesday’s Dover-area forecast calls for rain, the rally planned for Legislative Hall has been moved indoors.
NEW LOCATION: Delaware State Police Museum1425 N. DuPont Highway (US 13), Dover
Rally begins at 1:00 p.m.
Please plan to arrive early so you have time to park and find the meeting room.
“Delaware voters need to know that Republicans have a plan to strengthen individual rights and opportunities and replace current harmful policies and practices with common-sense solutions.”
— Senator Bryant Richardson
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Our next 38th and Southern Delaware Republican Club Meeting will be held on Monday, October 5th, change of time to 5:30 pm, at Harpoon Hannah's for a $35 dinner menu options, and $20 entrance fee. Bring a basket for our Silent Auction!
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Do you want to get more involved locally? The 38th District includes Bethany Beach, South Bethany, Fenwick Island, Ocean View, Millville, Selbyville and Frankford. YOU can make a difference! Email info@38thdrcp.com for more information. Also, sign up for the State GOP e-Newsletters here.
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