High tax burden, New York is rated as the least suitable state to do business.

High tax burden, New York is rated as the least suitable state to do business. According to Klein Business Weekly: According to a report on Tuesday by a foundation in Washington that studies taxation, the entire...

High tax burden, New York is rated as the least suitable state to do business. According to Klein Business Weekly: New York ranks last among the 50 states in the nation's ranking of the best places to do business, according to a report Tuesday from a Washington-based tax research foundation. New York's high personal income taxes, property taxes and unemployment insurance are the reasons why it ranks last on the list. New York has always been at the bottom of the rankings, but this year it slipped to last place after the state decided to extend the personal income tax surcharge for high-income earners until 2014. New Jersey ranks 49th on the list, and California ranks 48th. Wyoming tops the list, with states such as South Dakota, Nevada and Alaska also ranking high for their low sales, personal and corporate income taxes. The current highest personal income tax in New York State is 8.82%, the corporate income tax is 7.1%, the consumption tax is 7%, and the per capita property tax is US$2.136, which is the highest in the country. The report concluded that high taxes can hamper a city's competitiveness for business development. But opponents argue that New York's performance far outperforms most other states in terms of gross product, income growth and job growth. Some people also believe that New York's high taxes flow back into the city's infrastructure and services, allowing New York to maintain strong economic growth during the economic depression.