President Obama’s fiscal year 2015 budget proposes to increase taxes on individuals by over $820 billion and on businesses by about $500 billion, for a total of over $1.3 trillion in new taxes over the next ten years....
- Investor's Business Daily Discusses Tax Foundation's Loca...
Investor's Business Daily Discusses Tax Foundation's Location Matters Study
By John Merline
An executive looking to locate his company might do well to consider Wyoming. That state is the most business-friendly in the country, at least when it comes to taxes, according to a new study.
When all taxes that businesses pay are factored in, Wyoming's rate is less than half the national average, according to a Tax Foundation study released Wednesday. The state is one of three—Nevada and South Dakota are the others—without a corporate income tax.
Pennsylvania, meanwhile, wins the dubious distinction of imposing the heaviest tax burden on its businesses, with an overall effective rate that's 45% above the national average.
The study produced a separate ranking for state taxes on new firms. The rating factored in incentives such as tax credits for new jobs, investments and R&D, special property tax breaks. Nebraska came out on top by this measure. Hawaii finished last.
A separate IBD analysis compared job growth rates in states that performed best on both these tax measures with those that performed worst, and found that states with the lowest tax rates for new and existing businesses created 52% more jobs during the economic recovery than those states with the highest tax burdens.
These combined low tax states—Wyoming, Nebraska, Georgia, Ohio and Utah—saw jobs climb an average 1.14% since the recession ended in June 2009.
Maryland Gov. Martin O’Malley’s office took a swipe at a grass-roots citizens’ group over a report claiming people are leaving Maryland for Virginia, beginning a fight in cyberspace between the governor, the citizens’ group and an established...
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