Welcome! Login | Register
 

Newport Folk Festival 2015: Sunday Highlights—The final day of the Newport Folk Festival…

College Admissions: Insider Secrets for Pre-Med Applicants—Everything you need to know about med school…

Newport Folk Festival 2015: Saturday Highlights—Saturday was another historic day at the Newport…

Newport Folk Celebrates ‘65 Revisited—50 Years ago this week, an event in…

Where will you WOO?  Week of July 23—GoLocalWorcester – Where will you WOO? Week of…

Priest and Hip Hop Artist Big O Join to Host “Making Tough Choices”—Priest and Hip Hop Artist Big O Join…

Concert Review: Foo Fighters at Fenway—At last Sunday’s concert at Fenway Park, Foo…

10 Great Pets in Need of Loving Homes -  July 21, 2015—Calling all animal lovers!

Fit For Life: How’s That Resolution Working for You?—How did that New Year’s resolution work out…

2016 Presidential Candidates Release Campaign Finances—Democratic and Republican candidates are campaigning ardently to…

 
 

Report: Massachusetts Not Business Friendly for Entrepreneurs

Monday, April 23, 2012

 

Entrepreneurs in the Bay State may want to head westward for a climate friendlier to entrepreneurs, according to a new report from the Small Business and Entrepreneurship Council (SBE).

The SBE’s 2012 Business Tax Index ranks the 50 states and District of Columbia according to the costs of their tax systems for entrepreneurship and small business. In 2012, Massachusetts took the 35th spot on the list, falling behind New Hampshire at number 25 but staying above its New England counterparts Maine, Rhode Island, Vermont and Connecticut. 

“We have the brain power, but the tax rates have always been somewhat business-unfriendly,” says Dick Kennedy, president of the Worcester Regional Chamber of Commerce. “I think Worcester is attempting to do a better job, but in the area of taxes, there’s a long ways to go to be considered user-friendly to new businesses.” 

The 18 measures that make up the Business Tax Index include a state’s top personal income tax rate, top individual capital gains tax rate, any added income tax on S-Corporations, gas taxes and wireless taxes, among several others. 

Raymond J. Keating, chief economist for SBE Council and author of the report, said: “While ‘Tax Day’ 2012 is officially April 17, it is critical to understand that federal, state and local taxes are a burden on entrepreneurs, investors and the economy throughout the year.”

Keating added: “All taxes matter, whether imposed at the federal, state or local level of government. They matter to consumers, entrepreneurs, investors and businesses. State and local levies matter in terms of a state’s competitiveness. And they matter when it comes to economic growth and job creation.”

In Massachusetts, the Executive Office of Housing and Economic Development responded to the report with the following statement: 

“The Patrick-Murray Administration has made growing the Massachusetts economy and creating jobs through supporting small businesses and entrepreneurs a top priority. Massachusetts has world class education, health care, and institutions for higher education and continues to be an international hub for innovation and life sciences and is home to the world’s largest global start-up competition and accelerator program in MassChallenge,” said Jason Lefferts, spokesman for the Executive Office of Housing and Economic Development. 

Lefferts continued, noting that “Recently, the Administration announced first of its kind regulation reform to reduce extra burdens on small businesses and entrepreneurs, helping them continue to thrive and create jobs here in the Commonwealth.”

According to the Index, the 15 best tax systems are: 1) South Dakota, 2) Texas, 3) Nevada, 4) Wyoming, 5) Washington, 6) Florida, 7) Alaska, 8) Alabama, 9) Ohio, 10) Colorado, 11) Mississippi, 12) Michigan, 13) South Carolina, 14) Tennessee, and 15) Missouri.

 

Related Articles

 

Enjoy this post? Share it with others.