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Best and worst states for small business taxes
New Yorkers and Californians are taxed heavily, while Texans and Floridians get off relatively easy.
Want to start up your own veterinary practice? Head to South Dakota, Texas, or Nevada to avoid heavy-handed taxation from Uncle Sam. That’s according to the Small Business and Entrepreneurship (SBE) Council, which has published a new study, “Business Tax Index 2010: Best to Worst State Tax Systems for Entrepreneurship and Small Business.”
The report combines 16 different tax measures into one score to compare all 50 states and the District of Columbia. Among the taxes included are income, capital gains, property, death/inheritance, unemployment, and various consumption-based taxes. Here are the results:
10 best state tax systems
1. South Dakota
10 worst state tax systems
47. New York
50. New Jersey
51. District of Columbia
Click here to read the full report.