The Small Business & Entrepreneurship Council’s “Business Tax Index 2010” ranks states from best to worst in terms of costs of their tax systems. Ohio ranks ninth, behind Alaska, Alabama, Florida, Washington, Wyoming, Nevada, Texas, and the top state, South Dakota.
The index ranks 16 different tax attributes and combines them into one tax score for comparative purposes.
Here is how Ohio breaks down on the major tax issues:
|Personal Income Tax||30|
|Top Capital Gains Rates||32|
|Top Corporate Income Tax Rates||1 (tie)|
|Top Corporate Capital Gains Tax Rates||1 (tie)|
|State and Local Property Taxes||31|
|State and Local Sales, Gross Receipts and Excise Tax||21|
|Adjusted Unemployment Taxes||26|
|State Gas Taxes||35|
|State Diesel Taxes||33|
Taxes do have an impact on a state’s economy. The changes in the Ohio tax laws seem to have had a positive effect in trying to attract new businesses or retain existing businesses.
Let’s keep going in the right direction.