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In a bid to bolster its revenue stream, the state of Delaware has introduced new tax legislation that aims to increase revenue from corporations and wealthy individuals. The move comes as the state grapples with budget deficits and seeks to diversify its revenue sources.One of the key measures in the new tax legislation is an increase in the corporate income tax rate from 8.7% to 10%. This change is expected to generate an additional $50 million in revenue for the state annually. Additionally, the legislation includes a new tax bracket for individuals earning over $250,000, with a tax rate of 6.75%. This is a significant increase from the previous highest tax bracket of 6.6%.Delaware Governor Sarah Moore expressed optimism about the impact of the new tax legislation on the state's finances. "These measures are necessary to ensure that Delaware has the resources it needs to provide essential services to its residents," said Governor Moore. "By asking corporations and individuals who can afford it to contribute a little more, we can invest in education, healthcare, and infrastructure projects that will benefit all Delawareans."However, not everyone is pleased with the new tax legislation. Some business groups have raised concerns about the potential impact on Delaware's competitiveness as a corporate tax haven. They argue that the tax increases could drive corporations away from the state and discourage new businesses from setting up shop in Delaware.Despite these concerns, the new tax legislation was passed by the Delaware General Assembly with bipartisan support. State lawmakers believe that the increased revenue generated by the new taxes will help offset budget deficits and support essential services for Delaware residents.The new tax legislation is set to go into effect on January 1, 2026. Delaware residents and businesses are advised to consult with a tax professional to understand how these changes will affect them. The state government will provide additional information and guidance on the implementation of the new tax measures in the coming months.