US State Taxes Ranked
September 29, 2016 Taxation in USA
On September 28th the US think-tank the Tax Foundation released its annual State Business Tax climate Index, ranking each US state for its tax system for businesses.
The highest ranked states on the Index this year were Wyoming, South Dakota, Alaska, Florida, and Nevada.
Conversely, the lowest ranked states were New Jersey, New York, California, Vermont, and Minnesota.
It was noted that while every top ranked state levied property taxes and unemployment insurance taxes, many were missing some of the major tax types, such as corporate income tax, sales tax, or corporate income tax.
At the same time the lowest ranked taxes commonly had “…complex, non-neutral taxes with comparatively high rates.”
The rankings in the Index were calculated by comparing each state using over 100 different variables across corporate income tax, individual income tax, sales tax, property tax, and unemployment insurance taxes.