10/06/16 Tax Climates

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Voters head to the polls next month.  One topic they may want to keep in mind is their state tax climate.

Here’s what’s happening behind the headlines.

The Tax Foundation just released its annual rankings of the states.  The tax climate affects a state’s competitiveness with other states.  People and businesses have been moving from higher to lower-taxed states

A business relocating to a new state brings jobs.  Which means another state loses jobs.  The Foundation examined 114 variables among the following taxes:

Income

Corporate

Sales

Property

and Unemployment Insurance

After crunching the numbers the Foundation ranked the results:  Wyoming, South Dakota, Alaska, Florida and Nevada had the best tax climate.  New York, New Jersey, California, Vermont and Minnesota had the worst.

One-third of the states have one or more tax questions on the November ballot.  A half-dozen came about due to a petition process.  This suggests petition organizers don’t trust the legislature to act or make the best decision.

The Tax Foundation report is on our website.

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