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New York Ranked As Worst State In U.S. For Taxes

New York was ranked as the worst state for taxes in the 2014 Business Tax Climate Index.
New York was ranked as the worst state for taxes in the 2014 Business Tax Climate Index. Photo Credit: Flickr user 401(K) 2013

WESTCHESTER COUNTY, N.Y.. -- New York was ranked as the worst state for taxes in the 2014 Business Tax Climate Index by taxfoundation.org recently.

Each state was ranked in five categories: corporate tax, individual income tax, sales tax, unemployment insurance tax and property tax.

The Empire State languished in every category with its highest ranking coming in the category of corporate tax (no. 25). New York's lowest category was individual income tax, where it ranked no.49.

The states in the bottom 10 suffer from the same afflictions: complex, non-neutral taxes with comparatively high rates, according to the report.

The top 10 states in 2014 are Wyoming , South Dakota , Nevada, Alaska, Florida, Washington, Montana, New Hampshire, Utah, and Indiana.

The bottom 10 states including New York were: Maryland, Connecticut, Wisconsin, North Carolina, Vermont, Rhode Island, Minnesota, California and New Jersey.

“The states that lost ground this year usually did so because they changed policy in a way that makes the tax code more complex, burdensome, or economically harmful,” Tax Foundation economist Scott Drenkard said in a statement. “By contrast, the states that improved did so because they are moving closer to a tax code that collects revenue without unnecessarily distorting business decisions. Their tax codes became more neutral.”

New York and New Jersey finished in a virtual tie for last place, however Drenkard said Governor Cuomo's tax reform commission could move New York up if they are able to enact meaningful reform.

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