Regular readers of Tax Foundation reports know that we publish estimates of the distributional impact of federal tax changes: that is, we estimate how a tax reform might affect the after-tax incomes of taxpayers at...
- 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.
Key Findings: Nebraska’s tax code, which is approaching its 50th anniversary, is designed around a 20th century economy and lacks the flexibility to embrace the dynamism of the 21st. The state’s above-average individual income tax...
Key Findings Forty-five states and the District of Columbia collect statewide sales taxes. Local sales taxes are collected in 38 states. The five states with the highest average combined state and local sales tax rates are Louisiana (9.99...
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