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Friday
Jan272012

Best, Worst States for Business, Tax-wise

iStockphoto/Thinkstock(WASHINGTON) -- A new ranking of states by their “tax-friendliness” to business finds Wyoming the most-friendly and New Jersey the least.

The annual ranking is produced by The Tax Foundation in Washington, D.C., a nonpartisan, pro-business research group that has been following and reporting on U.S. federal and state tax policy since 1937.

The 10 friendliest among the 50 states are Wyoming, South Dakota, Nevada, Alaska, Florida, New Hampshire, Washington, Montana, Texas, and Utah.

[ READ THE FULL REPORT HERE ]

The 10 states with the most bilious tax policies, in descending order, are:  Iowa, Maryland, Wisconsin, North Carolina, Minnesota, Rhode Island, Vermont, California, New York, and New Jersey.

New Jersey, says the group, owes its standing to its having the third-worst individual income tax rate, the fifth-worst sales tax, the 13th worst corporate tax and the second-worst property tax.

Ranking the 50 states isn’t easy, Tax Foundation reps admit. For each state, its tax index takes into account 118 different variables in five major areas of taxation: business taxes, individual income taxes, sales taxes, unemployment insurance taxes and property taxes. The combination gives a state its overall ranking.

Copyright 2012 ABC News Radio

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