Thursday, September 9, 2010

City of Wilmington Greed

The City of Wilmington has decided to tax all income from S Corporations as wages and assess the 1.25 percent on those earnings. Currently the wage tax is only imposed on any W2 earnings taken. S Corps are required to take a reasonable salary, so why does the City of Wilmington feel that they can be totally unreasonable with this tax? I guess the only good option is for all the businesses to move. We certainly welcome all of you to join us out here in the county. For a city who needs an increased tax base, I really don't understand the game being played here. I guess they will figure it out when the city has more commercial space available for lease and you can hear a pin drop at noon on Market Street. The City of Wilmington, no longer a place to be somebody, but rather a place to tax everybody!

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