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Report: Tennessee taxes among most business friendly

When it comes to taxes, Tennessee continues to be one of the most business-friendly states in the country, according to a Tax Foundation report released today.
Tennessee ranks 15th on the 2014 State Business Tax Climate Index, unchanged from a year ago.
The index reflects the tax climate of each state as of July 1, 2013.
The Volunteer State has a more business-friendly tax climate than all neighboring states and in the southeast region, only Florida ranks higher at No. 5.
Wyoming has the nation’s most business-friendly tax structure, followed by South Dakota, Nevada, Alaska, Florida, Washington , Montana, New Hampshire, Utah and Indiana.
The most unfriendly states for business taxes are mostly on the coasts and in the northeast. The bottom ten are Maryland, Connecticut, Wisconsin, North Carolina, Vermont, Rhode Island, Minnesota, California, New Jersey and New York.
The Tax Foundation evaluated five types of taxes — corporate, individual income, sales, unemployment insurance and property taxes.
Not surprsingly, Tennessee ranked best — No. 8 — in individual income tax and worst — No. 43 – in sales tax. Tennessee has one of the highest combined state and local sales tax rates in the country.
Tennessee’s tax climate gives it an edge over most other states in the business recruitment.
Here’s an excerpt from the report:
“It is important to remember that even in our global economy, states’ stiffest and most direct competition often comes from other states. The Department of Labor reports that most mass job relocations are from one U.S. state to another, rather than to a foreign location. … State lawmakers are right to be concerned about how their states rank in the global competition for jobs and capital, but they need to be more concerned with companies moving from Detroit, MI, to Dayton, OH, rather than from Detroit to New Delhi. This means that state lawmakers must be aware of how their states’ business climates match up to their immediate neighbors and to other states within their regions
Click here for the full Tax Foundation report.

Tennessee has nation’s lowest tax burden


Workers of Tennessee, take the day off. You’ve earned it. While most of the country will work
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another two weeks or more to reach Tax Freedom Day, Tennessee workers passed that milestone on March 31, according to the Tax Foundation.


Tennessee has the lowest average tax burden in the country this year, the foundation says.

Tax Freedom Day represents how long it will take the average worker to earn enough money pay his or her total federal, state and local tax obligation for the year. For the nation as a whole, Tax Freedom Day this year comes on April 17.

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Tennessee taxes among most business-friendly

Tennessee is the 14th best state for taxes on business, according to the Tax Foundation’s look at state tax policies.

The 2012 State Business Tax Climate Index released Wednesday compares states on five different categories – major business taxes, individual income taxes, sales taxes, unemployment insurance taxes and property taxes.

Not surprisingly, Tennessee’s ranks highest – 8th – in the income tax category and worst – 43rd – in the sales tax category. Tennessee does not tax individual wages or salaries. However, Tennessee’s combined state and local sales tax is the nation’s highest at 9.4 percent, the report says.

Comparing state business tax policy is important because a state’s biggest competition for new businesses comes from other states and not the threat of losing jobs to other countries, the report says.

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