Vermont business tax burden one of the highest in US

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Vermont business tax burden one of the highest in US

Tue, 04/18/2017 - 11:30am -- tim

Vermont Business Magazinie Vermont once again has one of the highest business tax burdens in the nation, according to new analysis by Anderson Economic Group (personal income taxes are due today, Tuesday April 18). The study, which ranks states based on the portion of business income that goes toward taxes, found that 12.6 percent of Vermont businesses profits go toward taxes, placing the state at 48th out of 51 states including the District of Columbia. The study also ranks states on 11 different types of business taxes and shows that Vermont has one of the highest business property and unemployment compensation tax burdens nationwide.

Anderson Economic Group’s 2017 Business Tax Burden Rankings is the eighth edition of an annual comprehensive report on the business tax burdens of all 50 states and the District of Columbia. The report shows Oklahoma, Oregon, and North Carolina lead the nation with the lowest business tax burdens, and Maine, Wyoming and North Dakota with the highest burdens.

The report considers more than just corporate income taxes, addressing 11 different categories of taxes paid by business. Of these, property and sales taxes are the largest taxes borne by businesses.

“Some tax rankings order states based on the rate for a single tax or on a particular tax policy preference,” said Jason Horwitz, AEG director of economics and public policy. “We estimate the actual amount of tax revenue collected from businesses across all types of business taxes.”

The rankings are based on an objective measure of business tax burden that allow employers, policymakers, and investors to compare business tax burdens in different states using a published and consistent methodology, and fully disclosed data sources.

About Anderson Economic Group

AEG has provided independent analysis of tax, business climate, and other policy issues for numerous US states, cities, counties, universities, businesses, trade associations, and unions since 1996. A number of reports, including past business tax burden studies, are available on the company’s web site: www.AndersonEconomicGroup.com. AEG has offices in East Lansing, Chicago, and New York.

Source: Chicago, IL, April 17, 2017—Anderson