Del. Republican Lawmakers Introduce Bill to Eliminate Estate Tax - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Del. Republican Lawmakers Introduce Bill to Eliminate Estate Tax

Posted: Updated:
(Photo: CBS/Thinkstock) (Photo: CBS/Thinkstock)

DOVER, Del. (AP) - Republican lawmakers have introduced legislation to eliminate Delaware's estate tax effective July 1.

The legislation introduced Thursday aligns with a recommendation by a state panel formed by Democratic Gov. Jack Markell.

The panel, which studied how to make Delaware's revenues more predictable and aligned with economic conditions, noted that the estate tax is volatile and brings in little money - only $1.3 million last year.

Officials also note that the estate tax could actually be a drag on revenues by prompting wealthy individuals with very large estates to move elsewhere, taking their taxable personal income with them.

The review panel said the estate tax is so small that the movement of only a few very-high income individuals might reduce personal income tax revenue by more than total estate tax revenues.

  • Business NewsMore>>

  • Maryland Comptroller: Top Tax Evaders Owe Combined $12.7M

    Maryland Comptroller: Top Tax Evaders Owe Combined $12.7M

    Jul 12, 2018 9:36 AM2018-07-12 13:36:00 GMT
    Thursday, July 12 2018 9:36 AM EDT2018-07-12 13:36:08 GMT
    Maryland Comptroller Peter Franchot (Photo: WBOC)Maryland Comptroller Peter Franchot (Photo: WBOC)
    Maryland Comptroller Peter Franchot (Photo: WBOC)Maryland Comptroller Peter Franchot (Photo: WBOC)
    Maryland's comptroller says 20 individuals and 25 businesses owe more than $12 million in unpaid taxes, penalties and interest.More
    Maryland's comptroller says 20 individuals and 25 businesses owe more than $12 million in unpaid taxes, penalties and interest.           More
  • US Adds a Solid 213,000 Jobs; Unemployment up to 4 Pct.

    US Adds a Solid 213,000 Jobs; Unemployment up to 4 Pct.

    Jul 06, 2018 10:58 AM2018-07-06 14:58:00 GMT
    Friday, July 6 2018 10:58 AM EDT2018-07-06 14:58:43 GMT
     In this Thursday, Nov. 2, 2017, photo, a recruiter in the shale gas industry, left, speaks with an attendee of a job fair in Cheswick, Pa.  (Photo: AP) In this Thursday, Nov. 2, 2017, photo, a recruiter in the shale gas industry, left, speaks with an attendee of a job fair in Cheswick, Pa. (Photo: AP)
    In this Thursday, Nov. 2, 2017, photo, a recruiter in the shale gas industry, left, speaks with an attendee of a job fair in Cheswick, Pa.  (Photo: AP)In this Thursday, Nov. 2, 2017, photo, a recruiter in the shale gas industry, left, speaks with an attendee of a job fair in Cheswick, Pa. (Photo: AP)
    U.S. employers kept up a brisk hiring pace in June by adding 213,000 jobs, a sign of confidence in the economy despite the start of a potentially punishing trade war with China.More
    U.S. employers kept up a brisk hiring pace in June by adding 213,000 jobs, a sign of confidence in the economy despite the start of a potentially punishing trade war with China.        More
  • Drywall Contractor Pickets Salisbury Auto Dealership

    Drywall Company Pickets Salisbury Auto Dealership

    Jun 05, 2018 1:29 PM2018-06-05 17:29:00 GMT
    Tuesday, June 5 2018 4:06 PM EDT2018-06-05 20:06:05 GMT
    Workers from T&D Drywall picketed in front of CarMax in Salisbury on Tuesday, demanding payment for work the subcontractor completed on the dealership's building in December. (Photo: WBOC)Workers from T&D Drywall picketed in front of CarMax in Salisbury on Tuesday, demanding payment for work the subcontractor completed on the dealership's building in December. (Photo: WBOC)
    Workers from T&D Drywall picketed in front of CarMax in Salisbury on Tuesday, demanding payment for work the subcontractor completed on the dealership's building in December. (Photo: WBOC)Workers from T&D Drywall picketed in front of CarMax in Salisbury on Tuesday, demanding payment for work the subcontractor completed on the dealership's building in December. (Photo: WBOC)
    Employees of a local drywall contractor on Tuesday were protesting outside the CarMax dealership in Salisbury, Maryland, demanding money for work they did at the dealership six months ago.More
    Employees of a local drywall contractor on Tuesday were protesting outside the CarMax dealership in Salisbury, Maryland, demanding money for work they did at the dealership six months ago.More
Powered by Frankly

All content © Copyright 2000 - 2018 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices