South, West mostly low-tax areas; Northeast has highest levies
Wyoming and other states in the West and South offer the most business-friendly tax climates while the Northeast continues to lag well behind, according to an annual survey.
In its 2017 report, the nonprofit Tax Foundation said Wyoming had the most pro-business tax system for the fifth year in a row. North Dakota, Alaska, Florida and Nevada were also in the top five.
None of these states have individual income taxes. And several have no corporate tax, either.
“The absence of a major tax is a common factor among many of the top ten states,” the foundation reported.
A few states such as Indiana and Utah impose all the major kinds of taxes, but they keep them low. Indiana is No. 8 and Utah No. 9 on the foundation’s annual list. Indiana has sharply reduced its corporate tax rate.
Some states have made big progress in the past three years, notably North Carolina. After a series of reforms, North Carolina has jumped to 11 from 41 in 2014. Most of the gain occurred in 2014-2015.
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SOURCE: MarketWatch
Jeffry Bartash
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