New York Named Least Tax-Friendly State
As if we needed USA Today to tell us this but according to their recently article; New York is the “Least Tax-friendly” state in the lower 48. Wyoming came in at number 1 as “Most Friendly” on this list – Should you consider a move?
According to Census data that came out last week, taxes rose for the 13th straight quarter on the local and state levels.
The Tax Foundation each year releases their “State Business Tax Climate Index”. There are over 115 different measures that each state is graded on to see if they are favorable to businesses. Wyoming came in at No. 1 for the most favorable while we here in New York came in dead last (or No. 1 Least Favorable if that makes you feel any better by saying No. 1 to something).
Here’s a breakdown from the USA Today article
• Taxes collected per capita: $3,497 (8th highest)
• Unemployment: 8.4% (tied –12th highest)
• Corporate taxes collected per capita: $207 (8th highest)
• Sales tax rate: 4.0% (13th lowest)
The state had high marks when it came to cooperate taxes but had very low marks when it came to individual taxes. The state averaged $1,864 in personal income taxes per capita in 2011; that’s higher than any other state. The State’s Unemployment Taxes and Property Tax policies were seen as the most “burdensome” of all states as well.
What about Wyoming. What made them so good?
• Taxes collected per capita: $4,347 (3rd highest)
• Unemployment: 4.9% (5th lowest)
• Corporate taxes collected per capita: none (the lowest)
• Sales tax rate: 4.0% (tied-13th lowest)
There is no personal income tax in the state and their state sales tax is just 4%; the average local sales tax for the state was around 5.3% per purchase.