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The Tax Foundation Releases 2011 State Business Tax Climate Index

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TAX MAN
DailyFeed
The Tax Foundation  today released the 2011 version of the State Business Tax Climate Index, which ranks from 1 (best) to 50 (worst) the tax systems of the 50 states.

The states are ranked according to five indices: major business taxes, individual income taxes, sales taxes, unemployment insurance taxes, and property taxes.

While most of the tax debate this year has focused around state budget problems and the expiration or extension of the 2001-'03 Bush tax cuts, says the Tax Foundation, it is important to remember that states' stiffest competition often comes from other states.

With that mind, here are the states with the best business tax climates:

1. South Dakota
2. Alaska
3. Wyoming
4. Nevada
5. Florida
6. Montana
7. New Hampshire
8. Delaware
9. Utah
10. Indiana

And here are the 10 worst:

41. North Carolina
42. Rhode Island
43. Minnesota
44. Maryland
45. Iowa
46. Ohio
47. Connecticut
48. New Jersey
49. California
50. New York

New York scores at the bottom, says the Tax Foundation, by having the third worst individual income tax, ninth worst sales tax, and worst property tax. Rhode Island has improved from 44th to 42nd but still has the worst unemployment tax system and third-worst property tax system. Connecticut fell from 38th in last year’s index to 47th in this year’s mostly by creating a new “millionaire’s bracket” on the individual income tax. New Jersey has broken a three-year streak of having the worst business tax climate in the country, improving to 48th. (Hat tip: TaxProf Blog)
POSITION:  No positions in stocks mentioned.

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