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Wednesday, March 20, 2013

State Taxes

Many posts have discussed an important element of federalism, state tax policy. On Monday, Richard Morrison wrote at The Tax Foundation:
Today the Tax Foundation is releasing the 2013 edition of Facts and Figures: How Does Your State Compare?, a pocket-sized guide ranking all fifty states on forty different measures of tax and fiscal policy. Topics include income tax rates, business tax climates, and excise taxes on products like beer, wine, cigarettes, and gasoline. Facts & Figures is edited by Tax Foundation economist Scott Drenkard.
Each of the forty measures has its best and worst performers. Most favorably ranked states include Alaska, with the lowest combined state and local tax burden; Wyoming, with the most attractive state business climate; and Tennessee, with the lowest state debt per capita. Least favorably ranked states include California, with the highest marginal income tax rate; Kentucky, with the highest excise tax on wine; and New York, with the highest gasoline tax.