The Small Business & Entrepreneurship Council’s latest Business Tax Index says South Dakota and Texas have the best tax systems for entrepreneurs and small businesses.
The council’s annual index ranks the tax systems of all 50 states and the District of Columbia on 16 different factors to see how those systems affect affect entrepreneurs and those interested in forming a company.
Raymond J. Keating, the SBE Council’s chief economist, says that the last few years have been very difficult because many additional state and local taxes were put in place during the recession. “Taxes at the state and local levels matter by diverting resources from and reducing incentives for productive, private-sector risk taking that generates innovation, growth and jobs,” he said.
According to the SBE Council, the five best state tax systems for small businesses and entrepreneurs are South Dakota, Texas, Nevada, Wyoming and Washington state. The five worst are the District of Columbia, New Jersey, Minnesota, California and New York.
The latest economic figures show that the economy is still trying to recover. The Department of Labor says unemployment rose to 9.9 percent in April, after holding steady at 9.7 percent for the first three months of 2010.
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