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....
- Sacramento Business Journal quotes Scott Drenkard on California...
Sacramento Business Journal quotes Scott Drenkard on California's tax climate
- Melissa Wiese
- Web Editor- Sacramento Business Journal
It’s no surprise that California ranks near the bottom of an index that rates states for business tax climates.
The Tax Foundation, a nonpartisan organization that monitors tax policy, released its 2013 State Business Tax Climate Index, rating California at No. 48.
The Golden State’s rank remains unchanged from the 2012 rating.
The index considers corporate taxes, individual income taxes, sales taxes, unemployment insurance taxes, property taxes and policies, among other things, and then looks at other states.
Wyoming ranked No. 1 on the list, followed by South Dakota and Nevada. Rounding out the lower ranks were New York and New Jersey.
“Even in our global economy, a state’s strongest and most immediate competition often comes from other states,” Tax Foundation economist Scott Drenkard said in a news release. “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.”
Illinois significantly raised taxes in 2011 in an attempt to address its $8.5 billion backlog of unpaid bills and other financial difficulties. The state raised its flat individual income tax from 3 percent to 5 percent and increased the...
Recently, Governing Magazine ran a blog post analyzing our 2014 State Business Tax Climate Index and its relationship to key economic outcomes like wages and employment-to-population ratios....
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