By The Price of Business (1110 AM KTEK, Houston, TX is the sister radio program of US Daily Review and is Hosted by USDR Publisher and Managing Editor, Kevin Price). These are interviews Kevin Price had with his contributors and guests.
The Tax Foundation released its 2014 State Business Tax Climate Index ranking U.S. states by their taxes codes’ impact on business decisions and economic growth. This year Texas dropped out of the top ten for the first time, landing at #11.
The evidence shows that states with the best tax systems—simple and minimal—keep and attract businesses, which leads to job growth, and greater prosperity, as well as the well-being for the state’s people.
Dr. Benjamin Powell, Ph.D., Director of the Free Market Institute, Texas Tech University and Senior Fellow, Independent Institute, was on the Price of Business to discuss the new report and explain how a burdensome and a complex tax code affects a state’s businesses, its economy, employment and well-being of its people.
· A state’s tax system can enhance or harm the competitiveness of its business environment.
· Tax codes that are excessive and complex distort business decisions.
· States with more competitive tax systems score well in the Index because they are best suited to generate economic growth.
· States that dropped in the ranking changed policy to make tax codes more complex, burdensome, or economically harmful.
· Top ten states in the 2014 Index: Wyoming (#1), South Dakota (#2), Nevada (#3), Alaska (#4), Florida (#5), Washington (#6), Montana (#7), New Hampshire (#8), Utah (#9), and Indiana (#10).
· Bottom ten states in the 2014 Index : Maryland (#41), Connecticut (#42), Wisconsin (#43), North Carolina (#44), Vermont (#45), Rhode Island (#46), Minnesota (#47), California (#48), New Jersey (#49), and New York (#50).