These Two Eastern States Are Open for Business

By bleakstar @ Shutterstock.com

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.

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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:

New Hampshire

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:

41. Louisiana
42. Iowa
43. Maryland
44. Vermont
45. Minnesota
46. Arkansas
47. Connecticut
48. California
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.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.