Indiana Beats Texas in Taxes
Indianapolis – Americans for Prosperity today cheered news that Indiana’s massive tax reform package has moved the state into the top ten list of the non-partisan Tax Foundation’s annual State Business Tax Climate Index. Indiana’s reductions in the personal and corporate income taxes and elimination of the death tax has moved the state into the top ten position formerly held by Texas.
“Hoosier’s worked hard this year to pass a serious, across-the-board tax reduction that benefits all Hoosiers,” explained Chase Downham, state director of Americans for Prosperity. “It’s nice to see that the Tax Foundation’s 2014 State Business Tax Climate Index recognizes how these reforms will attract entrepreneurs and encourage job creation.”
Americans for Prosperity – Indiana was the leading grassroots advocate of comprehensive tax reform and reduction during the 2013 legislative session.
Click here to read the full Tax Foundation report. The Index compares the states on over 100 different variables in the five important areas of taxation (major business taxes, individual income taxes, sales taxes, unemployment insurance taxes, and property taxes) and then adding the results up to a final, overall ranking. This approach rewards states on particularly strong aspects of their tax systems (or penalizing them on particularly weak aspects) while also measuring the general competitiveness of their overall tax systems. The result is a score that can be compared to other states’ scores. Ultimately, the top ten states in order are – Wyoming, South Dakota, Nevada, Alaska, Florida, Washington, Montana, New Hampshire, Utah and Indiana. Seven of the top ten states do not have a personal income tax. Three (Nevada, South Dakota and Wyoming) do not have a corporate income tax either.