No matter what economic study or report you look at, the conclusion is always dismal for Wisconsin when it comes to taxes.
The latest comes from the Small Business & Entrepreneurship Council.
Small Business & Entrepreneurship Council chief economist Raymond Keating has just completed the “Business Tax Index 2008” for all 50 states and the District of Columbia.
Using 16 different tax measures to compile one score, Keating ranks the states according to their Business Tax Index. Among the factors Keating studied were a state's top personal income tax rate, a state's top individual capital gains tax rate, a state's top corporate income tax rate, property taxes, and gas taxes.
Wisconsin ranks number 32, near the bottom third of all the states.
Keating writes, “As Elvis Presley said: ‘A little less conversation, a little more action please.’ For example, more action is needed by elected officials in many states to make their state tax systems friendlier towards entrepreneurs and small businesses.”
I concur, having blogged extensively about Wisconsin’s unfreindly business climate that is severely hampering business growth and retention. Our high taxes coupled with one of the lowest per capita income rates in the country are forcing too many residents to leave the state.
Our state faces a revenue shortfall of $652.3 million, and yet some legislators in Madison want to increase taxing and spending even further.
Keating’s new study is yet another wake-up call to the Legislature and the governor to control excessive taxing and spending.
Read Keating’s entire piece.
Also, the nonpartisan Tax Foundation in Washington D.C. has more details on Wisconsin’s tax system and comparison to other states.
