Host Dace Blaskovitz welcomes Katie Tabling, Editor of the Delaware Business Times, to discuss a week of dramatic reversals in the First State's business landscape.

• The Incyte Withdrawal: In a massive blow to downtown Wilmington, biopharma giant Incyte has scrapped plans to move its headquarters into the historic Bracebridge campus. Tabling explains the shift from bringing 800 high-paying jobs to the city to now leasing only 15% of the intended space. She explores the "Why," highlighting a change in CEO leadership and the broader economic climate.

• Data Center Denial: A deep dive into DNREC's unprecedented denial of the Delaware City Data Center. Tabling discusses Secretary Greg Patterson's scathing letter regarding the environmental risks of 516 diesel generators and the stability of the regional energy grid.

• Tourism & Industrial Growth: Updates on the $10 million Sports Tourism Fund—including a windfall for Dover Motor Speedway—and the rapid expansion of industrial parks in Kent and Sussex Counties led by Ocean Crest Properties.

Corporate governance guru Charles Elson returns for a high-stakes analysis of the Delaware Supreme Court's pending decision on SB21.

• A Judicial Pivot Point: Elson describes the upcoming ruling as one of the most seminal moments in Delaware legal history. At stake is whether the court will reassert its independence or allow the legislature to overrule decades of judicial precedent.

• The "Race to the Bottom": Elson warns that by tilting the legal balance toward management and controlling shareholders, Delaware risks losing its status as a neutral arbiter, potentially inviting a federal takeover of corporate regulation.

• The "Delaware Way" Solution: Elson argues that the Supreme Court should toss SB21 on constitutional grounds, forcing all parties back to the table to reach a legitimate compromise rather than a "crammed-through" legislative fix.

Host Dace Blaskovitz kicks off the month with local CPA Bill Kaine (Dingwall and Kaine) to discuss Governor Meyer's aggressive new tax proposals.

• Targeting the "Elite": Kaine breaks down the proposed new tax brackets for those earning over $125k, $250k, and $500k. He questions the fairness of penalizing high earners—including entry-level state police and hardworking professionals—warning that "spending, spending, spending" remains the state's true hurdle.

• The Decoupling Debate: Kaine offers a scathing review of Delaware's decision to "decouple" from federal bonus depreciation and R&D rules. He argues this short-term revenue grab ignores the long-term benefits of business investment and immediate expensing.

• Introducing "Trump Accounts": A deep dive into the new federal child savings mechanism. Kaine explains the $1,000 government "seed" money, the $5,000 annual contribution limits, and the July 4th, 2026, launch date. He also covers the unique tax-free withdrawal rules for education, first-time homes, and starting a business.

Award-winning economist Robert Fry returns to analyze the global headline: the nomination of Kevin Warsh as the next Federal Reserve Chair.

• The Lawyer vs. The Economist: While Fry preferred an economist for the role, he offers a surprisingly optimistic take on Warsh. He defines the "Warsh Doctrine" as one that favors fighting inflation over quantitative easing (QE).

• The "Main Street" Interest Gap: Fry challenges the traditional economic view of rate cuts, arguing that low interest rates actually punish savers and risk-averse seniors, potentially slowing the economy by forcing people to save more and spend less.

• A Fed Shakeup: Fry predicts Warsh will overhaul the Fed's "groupthink," moving away from simplistic Phillips Curve models and toward a more nuanced understanding of productivity and digital currency.

• Labor Market Warning: Fry details a significant weakening in January employment data, including a massive surge in layoffs and the lowest job opening numbers since 2020.

Host Dace Blaskovitz welcomes retired tax attorney Bill Martin to break down the massive federal tax legislation known as the "Big Beautiful Bill" (BBB). Martin explains why this was a "game changer" by making 2016 tax rates permanent and preventing a looming 2026 tax hike.

• The Social Security Reality: Martin clarifies the new "Senior Deduction"—a $6,000 to $12,000 credit that helps shield Social Security from federal taxes for many, though it isn't a total exemption.

• The Delaware Trap: A critical warning for First State residents: because Delaware's tax calculation starts at federal AGI, new deductions for seniors, overtime, and tips may not flow through to your state return, potentially leaving you with a state tax bill on that income.

• The SALT Cap Surge: Good news for itemizers as the state and local tax (SALT) deduction cap jumps from $10,000 to $40,000, providing major relief for Delaware property owners.

• Schedule 1A: The must-file form Martin says you cannot miss if you want to claim retroactive 2025 deductions.

Business attorney Bill Dolan returns with a "shocking" update on Delaware's housing market.

• Second in the Nation: Following up on last month's data, Dolan reveals Delaware finished 2025 with the second-highest foreclosure rate in the U.S. He explains the "red lights blinking" in the state's economy as we return to a more aggressive pre-pandemic norm.

• Affordability Posturing: Dolan analyzes the President's executive order restricting institutional home buyers, arguing it's "window dressing" that won't move the needle outside of a few concentrated Southern markets.

• LLC Mastery: Tips from his "Esquire Advice" YouTube channel on maximizing liability protections and the complexities of the Series LLC for real estate investors.

Iconic journalist and historian John Sweeney closes the show with a provocative look at the upcoming 250th anniversary of the Declaration of Independence.

• The Tourism Deficit: While Philadelphia expects a $1 billion windfall, Sweeney discusses Delaware's perceived "reluctance" to celebrate, partly due to modern conflicts over slavery and the treatment of Native Americans.

• Honoring John Dickinson: Sweeney champions the legacy of John Dickinson, the "Father of the Revolution" who freed his slaves and defined American liberty. He invites listeners to a wreath-laying ceremony on February 21st at 1 p.m. at the Wilmington Friends Meeting House.

• The Fighting Blue Hens: A tribute to the Delaware Continentals, the brave regiment that fought in nearly every major battle of the Revolution until their ranks were decimated.

Host Jay Splaskovitz welcomes back Rick Hogan, Delaware's prominent immigration attorney, to dissect the escalating tension between federal enforcement and state "sanctuary" policies.

• The "Sanctuary" Definition: Hogan clears the air on what sanctuary policies actually entail—primarily the limitation of local police resources for federal immigration tasks—and warns of the logistical nightmare of "commandeering" local departments like the Wilmington PD.

• The Haitian Community in Delaware: A look at the "Delaware Story" regarding Haitian workers in downstate poultry farms. Hogan explains the looming crisis as Temporary Protected Status (TPS) faces termination, threatening both families and the businesses that rely on their labor.

• A "Magic Wand" Policy: Hogan argues for a shift from an enforcement-only perspective to an economic one, advocating for a guest-worker program that treats immigration as an opportunity for growth rather than an "open wound."

Julia Kelleher, Executive Director of First State Educate, announces a major breakthrough in local government transparency.

• The Delaware School Board Index: Kelleher officially launches the first-of-its-kind digital platform that provides Delawareans with a one-stop-shop for board leadership, achievement data, district budgets, and open seats.

• The 2026 Election Wave: With 32 seats up for grabs across the state, Kelleher outlines the "recruitment camp" designed to help citizens run for board positions and hold the system accountable for Delaware's high spending and low test scores.

Substitute host Rusty Giles brings on Jason Giles, President of Patterson Schwartz, for a quarterly deep dive into the Delaware housing market.

• The Affordability Gap: Jason highlights a startling decade-long trend: while family income in New Castle County has risen roughly 50%, housing prices have surged by 80%.

• The "Lock-In" Effect: Why 3% mortgages are keeping homeowners on the sidelines and why Jason believes we may never see rates that low again in our lifetime.

• Market Winners: Surprisingly, the luxury market ($1M+) saw a 25% uptick locally, while Sussex County has officially overtaken New Castle County in transaction volume, making up 43% of the state's marketplace.

Veteran lobbyist Bob Byrd (Byrd Combs) provides an insider's view of the mounting pressures in Dover. With over 50 years of experience, Byrd warns that Delaware's reliance on corporate franchise taxes—comprising nearly two-thirds of state revenue—is on thin ice.

• The Corporate "Biggie" Drain: Byrd highlights the dangerous discrepancy between 200,000 "shell" incorporations and the high-value Fortune 500 companies that "pay the freight."

• Statewide Property Tax?: In a provocative forecast, Byrd suggests that if corporate revenue craters, a statewide property tax may be the only viable alternative, as a sales tax would be "too hot" for the small state to handle.

• The Bureaucracy Barrier: Byrd weighs in on Governor Matt Meyer's "pro-business" agenda, noting that while the ideas are sound, they face a wall of "old and set" bureaucrats who resist streamlining.

Former GOP Chair Charlie Copeland returns to "chuckle grenades" at the current administration, specifically targeting the Office of New Americans and the governor's national profile.

• The "Sanctuary" Fallout: Copeland defines the sanctuary state movement as a "marketing slogan" for progressives, warning that it invites federal funding cuts under the Trump administration.

• The "Merlino" Strategy: Copeland reveals insights into Nick Merlino's role in "fluffing up" Governor Meyer for a 2028 national run (Presidential or Vice Presidential), arguing that the Governor is prioritizing national polling over local governance.

• Medicaid Fraud & Port Failures: A deep dive into the "sketchy" audit history of the Port of Wilmington and a call for the State Auditor to investigate potential Medicaid fraud, citing systemic similarities to disgraced programs in Minnesota.

• America 250 & The Tax Trap: Copeland laments Delaware's "reluctant" participation in the nation's 250th anniversary due to "self-flagellation" over history, while Philadelphia prepares to capture $1 billion in revenue. He concludes with a warning about proposed new income tax brackets that could target families earning $125,000.

In this high-stakes episode, host Dace Blaskovitz sits down with two of Delaware's most influential media and legal voices to discuss a series of shifts threatening the state's economic status quo.

Katie Tabling, Editor of the Delaware Business Times, joins the program to break down a "quartet" of major leadership departures across the state's legal, artistic, and trade sectors. The conversation pivots to the upcoming General Assembly session, where Tabling identifies three "make-or-break" issues for Delawareans:

• Property Tax Reassessment: The "sticker shock" facing homeowners and the Republican-led efforts to limit school district tax hikes.

• Education Funding: Delaware's slide to 37th in national reading rankings and the budgetary pressures facing Governor Matt Meyer.

• Energy Policy: The debate between "steak and potato" energy sources (nuclear and natural gas) versus solar and wind.

Tabling also provides a "Jeopardy-style" rapid-fire update on local business closings, including White Clay Creek Country Club and the iconic Ronnie's Garden World, while highlighting major medical investments by TidalHealth and Nemours.

In the second half, corporate governance guru Charles Elson "chucks grenades" at the current state of Delaware's legal franchise. Elson offers a scathing critique of Senate Bill 21 (SB 21), arguing that it has abandoned the "Delaware Way" of balanced compromise in favor of protecting controlling shareholders.

Key highlights include:

• The Exit Trend: Elson warns that major corporations are beginning to eye the exits due to a perceived loss of judicial neutrality.

• The Elon Musk Ruling: A deep dive into the Delaware Supreme Court's recent decision regarding Musk's compensation. Elson expresses bewilderment at a ruling that finds a fiduciary violation yet awards a "one-dollar" damage fee—a move he suggests might embolden big money to circumvent the court system.

• Political Fallout: News of a primary challenge against Representative Kristy Smith (referred to in the transcript as Representative Griffin), the House sponsor of SB 21, signaling that voters may be pushing back against the recent changes to corporate law.

As we enter 2026, Bill Kane (Dingwall and Kane) returns to offer a crucial "to-do" list for listeners looking back at their 2025 filings and planning for the year ahead.

• The 2025 "Final Call": Kane explains how listeners can still maximize HSA and retirement contributions (like IRAs and SEPs) up until the filing deadline to lower their 2025 tax bill.

• The "Audit-Proof" Assembly: A guide to the "alphabet soup" of forms arriving in January (W-2s, 1099-K, 1099-A) and why matching these perfectly is your best defense against an IRS CP2000 notice.

• The Big Beautiful Bill in Action: Insight into new 2026 deductions, including the permanent Qualified Business Income Deduction (QBID), the "Hollywood-lobbied" auto loan interest deduction, and tips for tracking tax-free overtime pay.

In the second half, award-winning economist Robert Fry delivers his highly anticipated annual forecast. While others predict boom or bust, Fry remains grounded in a "no-recession" trend for 2026.

• The AI vs. Labor Force Struggle: Fry argues that while AI will boost productivity, the "zero labor force growth" caused by retiring Baby Boomers will keep long-term GDP growth capped near 2%.

• "Opportunistic Disinflation": Why the Fed won't intentionally cause a recession to hit their 2% inflation target, choosing instead to wait for a "positive supply shock."

• The Next Fed Chair: Fry weighs in on the potential appointment of Kevin Hassett or Kevin Warsh, making a passionate case for why the U.S. needs an economist—not another lawyer—to lead the Federal Reserve.

• A Political Grenade: Fry closes with a candid comparison of the personal and economic temperaments of Donald Trump and Joe Biden, arguing that despite the noise, their approaches to inflation and IQ obsession are surprisingly similar.