Fiscal Responsibility
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Middlesex County Tea Party in New Jersey
State Business Tax Climate

 

 

The following excerpt is from 2014 State Business Tax Climate Index published at Tax Foundation http://taxfoundation.org/. To read the entire article online click here. To download the pdf version click here.

 

2014 State Business Tax Climate Index

The Tax Foundation’s 2014 edition of the State Business Tax Climate Index enables business leaders, government policymakers, and taxpayers to gauge how their states’ tax systems compare.

The 10 best states in this year’s Index are:

1.  Wyoming

2.  South Dakota

3.  Nevada

4.  Alaska

5.  Florida

6.  Washington

7.  Montana

8.  New Hampshire

9.  Utah

10. Indiana

The absence of a major tax is a dominant factor in vaulting many of these ten states to the top of the rankings. Property taxes and unemployment insurance taxes are levied in every state, but there are several states that do without one or more of the major taxes: the corporate tax, the individual income tax, or the sales tax. Wyoming, Nevada, and South Dakota have no corporate or individual income tax; Alaska has no individual income or state-level sales tax; Florida has no individual income tax; and New Hampshire and Montana have no sales tax.

But this does not mean that a state cannot rank in the top ten while still levying all the major taxes. Indiana, which ousted Texas from the top ten this year (see p. 5), and Utah have all the major tax types, but levy them with low rates on broad bases.

 

The 10 lowest ranked, or worst, states in this year’s Index are:

41.  Maryland

42.  Connecticut

43.  Wisconsin

44.  North Carolina

45.  Vermont

46.  hode Island

47.  Minnesota

48.  California

49.  New Jersey

50.  New York

 

The states in the bottom 10 suffer from the same afflictions: complex, non-neutral taxes with comparatively high rates.

While not reflected in this year’s edition, a great testament to the Index’s value is its use as a success metric for comprehensive reforms passed this year in North Carolina. While the state remains ranked 44th for this edition, it will move to as high as 17th as these reforms take effect in coming years. More...


 

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