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Robert Trigaux

Florida's tops in eastern U.S. in business tax climate, so why isn't state marketing it aggressively?

11

October

 

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Florida's business tax climate ranks highest in the entire eastern United States. Is this a missed marketing opportunity for the Sunshine State?

Wake up and good morning. Okay, we know some of this tax drill already, right? Florida ranks among the best ten states when it comes to taxes and those evil states like California, New York and New Jersey rank among those most overtaxed.

All true, according to this new report out by the Tax Foundation. The virtue of the report (click on the link's PDF for full report), though, is its next layer of detail that shows how each state ranks according to five types of taxes. Let's look at Florida.

Individual Income Tax: Since Florida has none, it ranks No. 1, tied with Alaska, Nevada,  South Dakota, Washington and Wyoming.

Corporate Tax: Florida ranks No. 13, with Nevada, South Dakota and Wyoming tied at No. 1. The worst: Delaware, then New Hampshire.

Sales Tax: Florida ranks No. 18. The lowest sales tax state is New Hampshire, followed by Delaware. The highest: Arizona, followed by Louisiana.

Property Tax: Florida ranks in the middle at No. 25. The lowest is New Mexico, then Idaho. The highest: Connecticut, then New Jersey.

Unemployment Insurance Tax: Florida ranks No. 10, with Rhode Island No. 50 and Arizona No. 1.

The Tax Foundation crunched these together and offered these overall best and worst tax climates.

The best: 1. Wyoming, 2. South Dakota, 3. Nevada, 4. Alaska and 5. Florida. Florida's rank is unchanged from 2011.

The worst: 50. New York, 49. New Jersey, 48. California, 47. Vermont and 46. Rhode Island.

Bottom line? Some states like Arizona rank among the best states with low taxes in certain areas but at the bottom on other taxes. Florida's fairly steady.

-- Robert Trigaux, Business Columnist, Tampa Bay Times

 

 

[Last modified: Thursday, October 11, 2012 7:48am]

    

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