Businesses, whether big or small, have been the hot topic during the recent presidential debates. With business owners, the number one concern is high tax rates. Well, CNN recently gave a breakdown of the best and worst states to own a business. Current and future business owners may need to take heed to this list just in case they wish to operate in a more feasible low tax state. Check out the current rankings (in no particular order):

 

#1 – Wyoming: This state has no income tax and corporate tax. But, there is a sales tax rate. Luckily for businesses, the sales tax is suprisingly low at 4%.

 

#2 – South Dakota: This state shares the same snapshot as Wyoming (no income or corporate taxes and a low sales tax of 4%).  But, the property tax rate is 2. 86%.

 

#3 – Nevada:  The gambling state, known for raking in millions of travelers each year, brings in big money. It too has no income or corporate taxes and a low property tax rate of 3.53%.  The unfortunate part is that sales tax is high at 6.85%. 

 

#48 – Vermont:  Income taxes are high at 8.95% for income earners of $388,000 or higher.  Corporate taxes are 8.5% and sales tax are fairly low at 6%.  The good side is that the state of Vermont gives employers several exemptions on unemployment insurance payments.

 

#49 – New Jersey:  You may want to think twice about setting up shop in the state of New Jersey. All taxes are on the high end. Corporate tax is 9%. Sales tax is 7%. Income tax is 8.97% for small business incomes of $500,000 or above.

 

#50 – New York:  The big cheese is none other than the Big Apple.  Listed as the worst state to do business in, income taxes are 8.82% for companies with $1,000,000 and over. Corporate taxes are a flat 7.1% across the board. Property taxes are 4.53%. In decent news though, the state of New York has a low sales tax of 4%.

 

If you own a business and want to know more information other states, go to CNN.com.