How Biden's Delaware Roots Are Still Influencing Him And Not For The Better

Hal Weitzman joins Emma in discussing the history of Delaware as a corporate wonderland and how President Biden is preserving "the Delaware way".

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So if you have a few cents in a bank account or overpaid a credit card and there's a few cents there or a couple of dollars in a stock trading account or crypto account or whatever and that company is registered in Delaware that so-called abandoned property because after a few years that money is a is declared legally abandoned that reverts to the state of Delaware. And states do various things with those. Most of them hold it in a separate account and look for the people who actually own the money. But Delaware just spends that money and that's a nice half-a-billion dollar-a-year business for Delaware abandoned property. So all of that taken together is considered to be the franchise and as I say financially that is so important for Delaware. And it's important for Delawareans because it's estimated that Delawareans only pay about 50 cents on the dollar Forever for every dollar of service they receive. So they call it to let me Get My Colors right because I think it's so red that the right red is Republican so red tax these states red it's a red taxing state with blue spending. So every politician's dream. Low taxes. High spending. And a lot of that is paid for with corporate fees. I mean so the franchise tax as well can you talk about that as well what that entails and like essentially the tax that Bridges the Gap that you described there? Yeah so as I say it's a pile high and sell them cheap type business. high volume costs a few hundred dollars. We still have time if you want to create that code at the end of the podcast. But if we do it we have to pay a fee. Depending on how quickly we want to do it. And the fee that we would pay to set up a limited liability company you've probably heard of those right limited liability companies account for about 70 of all the companies that are set up in Delaware. And they're about a thousand companies being set up every day in Delaware. So 700 of those more or less are limited liability companies on average. So the rest are but so-called I mean it's a little technical but C corporations. Like the big listed companies that were the sort of I was thinking of Bath and Body Works you know these kinds of or whoever. The big MasterCards and everyone else is C corporations. They pay higher fees. but most of what's set up is a pretty low feel. in other words a few hundred dollars for the basic level of service. But if you aggregate all that up it adds up to a significant amount of revenue for Delaware. You know probably close nowadays to about two billion dollars in fees alone. which for a small state like Delaware is extremely significant. And as I say add in all these adjunct Source streams of Revenue you get to about 40 of the state budget.