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2016 Best (And Worst) States For Taxes For Solution Provider Startups
Growth And Taxes
Solution provider business owners can put a lot of effort into growing a company, hiring the best talent and growing revenue. But high taxes can erode hard-won profits, reducing the resources that can be plowed back into a business.
As part of the 2016 Best (And Worst) States for Millennials to Start a Solution Provider Business, CRN looked at the corporate income tax, property tax, unemployment insurance, and state and local sales tax rates that businesses have to pay in each state. For criteria that's ranked, the lower the rank number, the lower the tax burden. (Personal income tax rates were part of the overall Best States analysis, but were included in the Personal Cost of Living section and do not figure into these overall rankings. But we've added them to this slide show.)
Most of the tax rate data was obtained from the Tax Foundation's "2016 State Business Tax Climate Index Ranks And Component Tax Ranks" report. The Small Business Tax Index Rank 2016 was obtained from the Small Business & Entrepreneurship Council.
The following are the 10 states with the best rankings for having low tax burdens for businesses and individuals, listed from No. 10 to No. 1. The states with the biggest tax burdens are then listed from No. 41 to No. 50.