Tax Foundation (TF) reports show that states not having one or more major statewide taxes such as corporate income tax, sales tax or personal income tax favor good result compared to states having those kinds of tax.
States of Wyoming, South Dakota, Nevada, Alaska, Florida, New Hampshire, and Montana are included in the top ten list of the 9th State Business Tax Climate Index whereas Maryland, Iowa, Wisconsin, North Carolina, Minnesota, Rhode Island, Vermont, California, New Jersey, and New York placed at the bottom list.
In the case of New York, even though it registered moderate corporate taxes, the state ranked bottom due to the records of being the worst individual income tax, 6th worst unemployment insurance tax, and 6th worst property tax.
Tax Climate Index is being used by US taxpayers, business leaders, and government policymakers to determine the situation of each state tax system based from the TF comparative report.
source: tax-news.com
