Tax group releases state-by-state rankings

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A string of low-tax states top the list for best business climates in the country, according to a new study from the Tax Foundation.

Wyoming, South Dakota, Nevada, Alaska and Florida have the top five conditions, according to the free market group.

Some of those states are energy-rich, and most of the top 10 states on the list don’t have one of the major revenue streams. Wyoming, South Dakota and Nevada, for instance, don’t have an individual or corporate income tax.

Meanwhile, Montana and New Hampshire, seventh and eighth on the list respectively, don’t have a sales tax.

Washington (sixth), Utah (ninth) and Indiana (10th) round out the top 10, with Indiana having displaced Texas. Gov. Rick Perry, the GOP governor of Texas, has been aggressively selling the state’s business climate in recent months.

The bottom 10 states in the rankings are generally on either coast, with California, New Jersey and New York picking up the rear.

Slate’s Matthew Yglesias criticized the list, noting that New York and California were central locations in major industry like finance and media. Other states at the bottom of the Tax Foundation’s list – like Connecticut, Maryland and New Jersey – had among the highest median incomes in the country, Yglesias added.

But the Tax Foundation said those states have built-in advantages and could be doing even better if they fixed their tax codes.

Spurce: thehill.com/

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