Small Business Finance News
SBE Council Ranks The Country's Tax Systems
Written by Jenna Weiner
Published: 4/30/2010
New ranking identifies winners and losers based on the impact of state tax systems on the small business sector.
The Small Business and Entrepreneurship Council this week published its ranking of the nation's tax systems. "Business Tax Index 2010: Best to Worst State Tax Systems for Entrepreneurship and Small Business" ranks all 50 states and the District of Columbia based on the cost of their tax systems for entrepreneurship and small business.
The report contains good news for small business owners in South Dakota, Texas, Nevada, Wyoming and Washington - which came in at the top of the list. The bottom five were New York, California, Minnesota, New Jersey and the District of Columbia.
Raymond J. Keating, author of the report and chief economist for the SBE Council, said "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."
The SBE Council's report combined 16 different tax measures into a single score that allows comparison between the states. Income, capital gains and property taxes are among the taxes taken into account.
On the organization's website, the SBE Council describes itself as an "advocacy organization dedicated to protecting small business and promoting entrepreneurship." The council uses research, advocacy, education and training to communicate the significance of small business.
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