3-20-14 – Tax Foundation Ranks Vermont’s Business Climate as 45th out of 50.

Posted by Rob Roper

The Tax Foundation is out with the 2014 edition of its annual publication “Facts & Figures” comparing states on various tax-related statistics.

Once again, Vermont’s business climate is dismal. We rank 45th out of 50 (50 being the worst and 1 being the best.) The overall ranking is comprised of scores in five separate categories: Corporate tax (VT, 42th), Income Tax (VT, 45th), Sales Tax (VT,13th), Unemployment Insurance Tax (VT, 22nd), and Property Tax (VT, 48th). Only New York, New Jersey, California, Minnesota, and Rhode Island stink worse than we do.

From an individual perspective, the Foundation calculates Vermont’s Tax Freedom Day – the day we all stop working to pay the various governments in our lives and start to actually keep what we earn — as April 14. This puts us smack in the middle of the pack at 25th. Our per capita income is $44,545, or 21st in the nation. Our per capita state and local tax burden is calculated at $4,469; 30th place ranking (this time, for some reason, 1st being the worst and 50th the best). Our state and local property tax burden ranked 5th highest at $2,197.

When it comes to excise taxes, however, Vermont is the worst. These “special taxes,” used often as a weapon to influence behavior, tag Vermonters on average for $938 per year. This is good for a #1, making the busybodies in Montpelier the busybodiest.

Vermont’s state debt per capita ranked 10th highest in the nation at $5,414 as of 2012.

– Rob Roper is president of the Ethan Allen Institute

 

{ 1 comment… read it below or add one }

Ed Dubois March 21, 2014 at 5:11 pm

What might be interesting in addition to this woeful data is an excel chart showing the rise and fall of the same criteria in the past 25 years all on one graph.

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