When the tax costs of operating in New York are only a fifth of the cost of locating the same operation in Wyoming, something unusual is going on. Yet that’s exactly what we find for new research and development (R&D...
- Memphis Business Journal quotes Scott Drenkard on Tenness...
Memphis Business Journal quotes Scott Drenkard on Tennessee's tax climate
October 09, 2012
- Jane Donahoe
- Web and sections editor- Memphis Business Journal
- The Volunteer State ranks 14th on the Tax Foundation’s annual State Business Tax Climate Index.
- The index compares states in five areas of taxation that impact business: corporate taxes; individual income taxes; sales taxes; unemployment insurance taxes; and taxes on property, including residential and commercial property.
- Tennessee was boosted by both high scores in the corporate tax rank (eighth) and individual income tax rank (13th). Tennessee’s lack of a wages and salary tax clearly bolsters its position on the list. However its sales tax ranking, at 43rd, and its 48th-place finish in property tax brought the overall ranking a bit lower.
- Mississippi ranks 17th overall on the Tax Foundation’s 2012 index while Arkansas ranked 31st.
- “Even in our global economy, a state’s strongest and most immediate competition often comes from other states,” said Tax Foundation economist Scott Drenkard in a statement. “State lawmakers need to be aware of how their states’ business climates match up to their immediate neighbors and to other states in their region.”
- New Jersey was ranked the worst, while Wyoming was ranked the best.
- Click here for the full report.
Executive Summary In 2013, North Carolina policymakers accomplished fundamental tax reform, implementing overhauls in multiple areas of the tax code. The multi-bracket individual income tax that topped out at 7.75 percent was replaced with a flat 5...
How do taxes in your state compare nationally? This convenient pocket-size booklet compares the 50 states on many different measures of taxing and spending, including individual and corporate income tax rates, business tax climates, excise taxes,...
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