WPRO News
Rhode Island ranked 45th on the 2015 state business tax climate index, or 6th worst in the country, according to the Tax Foundation‘s 2016 “Business Tax Climate” index.
New Jersey ranked lowest at number 50, in part due to it’s high property tax burdens. Wyoming was ranked #1, with the Tax Foundation citing the fact that the state, along with other top ranked states like Nevada, South Dakota, and Texas, has no corporate or individual income tax.
In individual tax type breakdowns, Rhode Island ranked 34th in corporate tax, 38th in individual income tax, 27th in sales tax, 49th in unemployment insurance tax, and 44th in property tax.
According to the Tax Foundation, “The Tax Foundation’s State Business Tax Climate Index enables business leaders, government policymakers, and taxpayers to gauge how their states’ tax systems compare. While there are many ways to show how much is collected in taxes by state governments, the Index is designed to show how well states structure their tax systems, and provides a roadmap for improvement.”
See the full report HERE.
