New York's Tax Climate is Second Worst for businesses

Date: October 04, 2016 Last Edit: October 06, 2016

Only New Jersey had a worse tax climate.

New York’s Tax Climate is Second Worst for businesses

Death and New York’s towering taxes—those are two things you
can count on.

And with stop-watch reliability, a new report confirms the
state’s tax system is the nation’s second worst for businesses.

The state has the 49th most competitive tax system in the
nation, according to the 2017 nonpartisan Tax Foundation’s annual ranking. The
report measures more than 100 tax variables. Only New Jersey had a worse tax
climate. Wyoming, meanwhile, ranked No. 1.

Here is how the state stacked up this year:

 Corporate Tax Rank (No. 7)

Individual Income Tax Rank (No. 49)

Sales Tax Rank (No. 43)

Unemployment Insurance Tax Rank (No. 32)

Property Tax Rank (No. 47)

“Our goal with the State Business Tax Climate Index is to start
a conversation between taxpayers and policymakers about how their states fare
against the rest of the country,” said Tax Foundation Policy Analyst Jared
Walczak. “While there are many ways to show how much a state collects in taxes,
the Index is designed to show well states structure their tax systems, and to
provide a roadmap for improvement.” 

Related Content: Small Business News | Economy | New York | Taxes

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