In a report that might raise some eyebrows, Delaware ended up ninth in a ranking of the best states for affluent families. The report came from Reward Expert.
Rankng first was Colorado with the popular destination for First State retirees of Florida ranking fourth.
Aiding the state were low property assessments in Kent and Sussex counties, low property taxes overall, and no state or local income taxes. Click on states on the map to see their ranking.
While the state’s public education system often comes in for criticism, the report claimed “public schools ranked tenth in the nation, with 18.4 percent of Delaware public schools receiving recognition as gold or silver medal schools.”
Delaware has a financing system for public education that pays a set amount for each students regardless of achievement levels. Critics claim that formula aids more affluent districts that do not have the same percentage of students living in poverty and who need more academic help.
The report also described the state’s top income tax rate as “modest,” despite criticism in some circles that the rate is far higher than in neighboring Pennsylvania.
The top rate has often been criticized for falling more heavily on families making more modest incomes.
Efforts to add a higher income tax rate for Delawareans have never gained traction.
In explaining the methodology behind the ranking, RewardExpert offered the following:
“All too frequently, state income tax rates are the focus of attention, to the exclusion of numerous factors that are of equal, if not greater importance to individuals and families with incomes that fall into higher federal tax brackets. We decided to take an approach more nuanced than most: you won’t find us telling you to move to Wyoming simply because real estate is pricey and there is no state income tax. Instead, you will find in this study an approach that focuses on the concerns closest to the hearts and minds of high-earning individuals and families who are not, and will likely never be, members of the reviled one percent.”
RewardExpert, based in New York City, rates airline credit card and other rewards programs. Click on this link for a description from Reward Expert of the top 10 states
