An executive looking for a place to locate his company might do well to consider Wyoming. That state is the most business-friendly in the country, at least when it comes to taxes, according to a new study.
The study, released by the Tax Foundation on Wednesday, found that when all the taxes businesses pay are factored in, Wyoming's rate is less than half the national average. The state is one of three — Nevada and South Dakota are the others — that doesn't have a corporate income tax.
Pennsylvania, meanwhile, wins the dubious distinction of imposing the heaviest tax burden on its businesses, with an overall effective rate that's 45% above the national average.
The study, titled "Location Matters," looked at a range of business taxes — corporate income, sales, property, unemployment, gross receipts and others. The accounting firm KPMG collaborated on the report with the Tax Foundation.
Among the most-populated states, California ranked 34th, Texas 12th, New York 42nd, Florida 19th, and Illinois came in 45th. Ohio, which came in 5th, imposes a low-rate gross receipts tax instead of a corporate income tax...
...A separate analysis by IBD found that states imposing the lowest tax rates on both new and existing businesses produced more jobs during the economic recovery than those states with the highest tax burdens.
You mean stealing more money from businesses -- to fund a bloated, unaccountable public sector -- leaves companies with less money to hire workers?
Gee, that logic is sooo difficult to comprehend. That is, if you're a Democrat or an idiot. But I repeat myself.
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