Thanks to the American Congress and The Fiscal Cliff Deal, that the majority of the people in America are now forced to pay higher tax bills. All the action had been planned for many months and was finally completed in the month of January. But it is all going to depend on the state in which you reside. In lines to this, there are nearly 10 states that won’t be experiencing any pinch from the rise in the taxes. For example, the residents of Wyoming won’t be experiencing any financial or business issues as they happen to pay the least sales tax in the whole country. Moreover, they are also not bound to pay any sort of corporate or individualistic income taxes. On the other hand, the NY residents are bound to pay some of the highest property taxes in America. According to the results of the Tax Foundation’s Report on the business climate of the regions, NY residents are the ones who come to pay some of the highest taxes for their property and income.
Moreover, the organization has also ranked the best as well as the worst states in terms of the taxes and the business outlooks. Surely, rise in the taxes come to create a number of hindrances for the businesses that operate in the regions. It should be a surprise to notice that the states that are believed to be generating the most revenue are the ones that do not impose one of the 5 major taxes including the taxes on property, individual income, and unemployment-insurance, in terms of sales and in corporate dimensions. Moreover, these states also happen to be more appealing in terms of attracting more and more businesses to the regions. The same applies to these states in terms of elevating the economic growth.
The states that have been ranked to be the worst in terms of the taxes also happen to be at the top in terms of having the highest exodus rates in the year 2012. Wyoming is on the number 1 spot for having the lowest tax rates. The second spot is occupied by South Dakota followed by Nevada, Alaska, Florida and Washington. It is evident that the government needs to bring the things in a state of balance as the taxing policies and rates are not generating the results the government expected to see. In other words, some revolutionary measures and policies need to be implemented in terms of notching the business processes.