Proposal to Raise Income Taxes for Wealthy Clears Committee - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Proposal to Raise Income Taxes for Wealthy Clears Committee

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DOVER, Del. (AP) - A Democratic proposal to raise income taxes for wealthy Delawareans has been released by a House committee for a vote by the full House.

The bill would hike the tax rate to 7.1 percent for income between $125,000 and $250,000. For taxable income above $250,000, the rate would be 7.85 percent.

The current top tax rate is 6.6 percent for income above $60,000.

State officials estimate that the tax hikes would bring in $26.5 million in additional revenue in the fiscal year starting July 1. The increases would bring in an estimated $71 million the following fiscal year.

The bill cleared the House Revenue and Finance Committee on Wednesday.

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