There were only two states on the East Coast that ranked in the Top 10 of the Tax Foundation’s 2020 State Business Tax Climate Index. Those states were Florida at number 4, and New Hampshire at number 6.
In the ranking, states were graded on corporate taxes, individual taxes, sales taxes, property taxes, and unemployment insurance taxes.
Florida led the nation with the best ranking for individual income taxes and also secured the second-best ranking for unemployment insurance taxes. Florida placed in the top half of states in all categories.
This year New Hampshire moved to 6th overall from 7th last year. Here’s what the Tax Foundation wrote about the improvement in ranking for the Granite State:
The Granite State climbed from 7th to 6th overall, and from 46th to 43rd on the corporate tax component, by trimming the rates of both its Business Profits Tax, a corporate income tax, and its Business Enterprise Tax, a value-added tax. The Business Profits Tax rate is now 7.7 percent, down from 7.9 percent in 2018 and 8.2 percent before that, while the Business Enterprise Tax now stands at 0.6 percent, having phased down from 0.675 percent last year and 0.72 percent before that.
The other states in the Top 10 were all out west, including Wyoming (1), South Dakota (2), Alaska (3), Montana (5), Nevada (7), Oregon (8), Utah (9), and Indiana (10, and more Mid-west than West).
The 10 worst states were spread across the nation. They included:
49. New York
50. New Jersey
If you happen to live in one of these “worst” states for taxation, you may want to look around when considering where to retire.
Originally posted on Your Survival Guy.