SALT Strategies

Some SALTy Thoughts As We Get Ready For Thanksgiving Day Celebration With Family and Friends

pumpkin 1768857 960 720 - Some SALTy Thoughts As We Get Ready For Thanksgiving Day Celebration With Family and Friends

As we approach the 2019 Holiday Season with Thanksgiving Day celebrations next week, the ever thoughtful and provocative tax experts at the Tax Foundation were considerate enough to release their 2020 State Business Tax Climate Index for all to consider.

A quick read of the 2020 State Business Tax Climate Index {“2020 Index”} summary may bring cheer or indigestion depending on where you live, work or do business.

The 2020 Index is highly consistent with the results from the Tax Foundation’s 2019 State Business Tax Climate Index. Those fortunate enough to live, work or do businesses in the Ten Best States listed below may have an extra reason to give thanks and look forward to the upcoming New Year. It should be noted that the Ten Best States are the same as those in the 2019 Index with the some movement within the rankings for 2020!

1. Wyoming
2. South Dakota
3. Alaska
4. Florida
5. Montana
6. New Hampshire
7. Nevada
8. Oregon
9. Utah
10. Indiana

The Index sets forth that the 10 “lowest ranked, or worst states” share or “tend to have a number of afflictions in common: complex, nonneutral taxes with comparatively high rates.” Once again, it should be noted that the 2020 Index “lowest ranked, or worst states” are highly correlative with those on the 2019 Index as the following have the dubious honor of making up 2020’s “lowest ranked” 10:

41. Louisiana
42. Iowa
43. Maryland
44. Vermont
45. Minnesota
46. Arkansas
47. Connecticut
48. California
49. New York
50. New Jersey

For those of us who live, work or do business in one of the “10 lowest-ranked, or worst states” well, let’s just be grateful for living in America, our health, family and prosperity.

Actually, that is quite a lot to be Thankful for.

Happy Thanksgiving to one and all.

Listen: Recording: Fall 2019 State & Local Tax Update Webinar

Read: New York, high-tax states dealt SALT cap blow in court, but fight likely not over

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