The Small Business & Entrepreneurship Council’s “Business Tax Index 2013” ranks U.S. states from best to worst by comparing the total cost of all taxes on entrepreneurship and small business. The Index ranks the 50 states according to the costs of their tax systems for starting and growing a business. SBE Council’s “Business Tax Index 2013” pulls together 21 different tax measures, and combines those into one tax score. Among the taxes included are income, capital gains, property, death/inheritance, unemployment, and various consumption-based taxes, including state gas and diesel levies. It then compares and ranks the 50 U.S. states.
In the end, Florida businesses did well, ranking sixth nationally.
The 10 best state tax systems are:
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Texas
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South Dakota
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Nevada
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Wyoming
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Washington
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Florida
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Alabama
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Colorado
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Ohio
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Alaska
Raymond J. Keating, chief economist for SBE Council and author of the report, said: “At the federal level, businesses, investors and entrepreneurship have been hit hard in 2013 by big tax increases. But taxes matter for business at the state and local level as well. In the states, tax burdens vary widely, with competitiveness affected accordingly.”
Keating added: “Some states are situated well from a competitive tax standpoint, with others moving in the right direction. In contrast, though, various states are positioned very poorly, and some are moving in a direction that hurts competitiveness. A state like California, for example, has made a very bad situation even worse with its recent increase in personal, capital gains, dividend and interest tax rates.”
SBE Council President & CEO Karen Kerrigan added: “Competition for investment and business relocation is fierce and state leaders who understand this dynamic are reshaping tax policies to enable capital formation and entrepreneurship. Also, state efforts directed at tax reform are pushing Congress to act. The combination of state-based reforms and comprehensive tax reform at the federal level would provide a much needed boost to the U.S. entrepreneurial ecosystem.”
Please contact Tamara Wright at 239-438-7898 or [email protected] for assitance in the Naples, FL real estate market.