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April 10, 2006

State business tax climate

An organization called the Tax Foundation recently released a study of the tax climate for businesses in each of the 50 states. North Carolina Cooperative Extension’s Mike Walden explores how North Carolina ranks.

“It’s a comprehensive look at the major taxes in the state, including what is taxed, the kinds of tax rates, the highest tax rates and whether there are any exclusions. So they go through a very comprehensive process in doing this,” says Dr. Walden, an economics professor at N.C. State University.

“On a ranking where number one means the lowest tax state and the number 50 means the highest taxed state, North Carolina -- according to this organization -- current ranks 37th. Wyoming is number one: They are the least taxed state. And New York is number 50; they are the highest taxed state.

“Now North Carolina, in terms of specific taxes, looks best compared to other states on business taxes. We look worst on the individual income tax.”

Posted by deeshore at April 10, 2006 08:00 AM