According to the Tax Foundation's annual report, New York ties New Jersey for the worst business tax climate in the country. This is the second consecutive year New York has ranked the lowest of the 50 states. One of the biggest setbacks to the state's score is the high and progressive individual income tax. High property taxes are also a major contributor to the unfriendly business climate. The top ranking states - Wyoming, South Dakota and Nevada - on the other hand, have no corporate or individual income taxes.
The Tax Foundation, a non-profit research group that is dedicated to educate taxpayers about tax policy and burden, has complied a ranking of all 50 states regarding solely their respective tax issues. The study statistics include property taxes, corporate taxes, individual income taxes, sales taxes, and unemployment insurance taxes. The premise behind the study was that taxes do make a difference as to where a company will locate, and that states do change tax policies to attract business.