Reflections on Labor Day – Building the American Dream
Jack Markell, State TreasurerTo many people, Labor Day means a parade, a picnic, a day off work, or the luxury of spending some free time with those you care about. Could there be a better day than Labor Day to refocus our State’s attention on rewarding work and thinking ahead to prepare for future challenges?
I grew up listening to stories about the American Dream from both my parents and grandparents who immigrated to the United States from Poland and Lithuania. The ideas that through hard work, courage and determination, one can achieve prosperity and create a better life for your children are ideals that I continue to adhere to.
One of the key responsibilities of government is to reward work and to provide opportunities to those willing to do it. Delaware State Government has some great news on both of these fronts this Labor Day.
Recently, we cut taxes for 28,000 Delawareans who work for a living by providing thousands of dollars to help them build that dream. On August 22nd, Governor Minner signed Senate Bill 230, which creates a Delaware version of the federal earned income tax credit (EITC). This bill, sponsored by long term champion Senator Margaret Rose Henry, is a big deal for working Delawareans and makes Delaware one of 19 states nationwide to enact such a tax credit. At the federal level, the EITC is recognized as one of the most important programs Congress has ever passed to lift people out of poverty. The problem is, not enough people who can claim it know about it. That’s why in 2001, along with the Governor and Wilmington Mayor Jim Baker, I helped start a public awareness program to help Delawareans obtain the federal EITC. The Nehemiah Gateway Community Development Corporation has administered a strong outreach campaign which put more than $11 million back into the pockets of 8,000 Delawareans. In all, this tax cut will reduce the state income tax liability for 14,000 state residents and eliminate it entirely for another 14,000 Delawareans.
One of the crucial ways to assist in achieving the American Dream is to ensure that your children receive the best education possible and are provided with the opportunity to attend college if they choose to do so. The Delaware College Savings Plan is available to give parents and grand-parents the chance to save in a tax-advantaged account to fund their children’s or grandchildren’s college education.
Innovations like these often spring from conversations that policymakers have with Delawareans. We know that there are more good ideas out there, and this Labor Day, I would be delighted to hear your thoughts on how we can continue to work together to make Delaware the best it can be.
Enjoy your holiday.
Jack Markell
State Treasurer
Jack.Markell@state.de.us
302/744-1000
