Best and Worst States for Entrepreneurs

The Small Business and Entrepreneurship Council in December released its 13th annual “Small Business Survival Index for 2008:  Ranking the Policy Environment for Entrepreneurship across the Nation.”

The Best and Worst Sates for Entrepreneurs are:

  Best                                                   Worst

1.  South Dakota                                51.  Washington DC
2.  Nevada                                         50.  New Jersey
3.  Wyoming                                      49.  California
4.  Florida                                          48.  Maine
5.  Washington                                  47.  Rhode Island

The study covers a broad area of policy matters from tax to regulation and is full of great info.  It can be found on the home page of the Council at:

www.sbecouncil.org/home/index.cfm 

If you are thinking of starting a business or want to work in a state that fosters small business check it out.

Connecticut Worst State for Tax Burden, Oklahoma the Best

MSN has a great list of state tax burdens.  The worst states are Connecticut (38.3%), followed by New York (37.1%), New Jersey (35.6%) and Nevada (35.2%). Oklahoma residents pay the least (27.8%), followed by those in Alabama (28.0%) and Alaska (28.1%).
Here is the link:  articles.moneycentral.msn.com/Taxes/Advice/TheBestAndWorstStatesForTaxes.aspx


No income tax states are great for people who are working.  Seven states have no state income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Two others, New Hampshire and Tennessee, tax only dividend and interest income. To see how other states compare, check out the Federation of Tax Administrators’ listing of individual income tax rates for 2008. Wyoming and South Dakota are also two of the best states for employment so you can find probably find a job and keep more of what you earn.  See our blog note:  blog.bestandworststates.com/2009/01/03/wyoming-best-and-michigan-worst-state-for-employment-december-2008.aspx

South Florida Losing Population. Georgia and North Carolina are favorite destinations.

Florida”s Sun-Sentinel today reports that South Florida is shrinking.

The paper reports that Internal Revenue Service filings show 43,371 fewer people in Broward and 11,028 fewer people in Palm Beach County since 2005.  Birth rates are shrinking and school enrollment is down.  It appears that the population is shrinking on all fronts.  Working age people are finding wages low as compared to the cost of living. Retirees are finding real estate prices, property taxes and homeowners insurance.  Is the state losing its designation as a Best Place to retire.  For full Sun-Sentinel story go to:  www.sun-sentinel.com/services/newspaper/printedition/sunday/nationworld/sfl-flbpopulation0104sbjan04,0,735270.story.

The paper also reports the favorite out of state destinations that Broward and Palm Beach county residents relocate to.

Top destinations are 1. Georgia, 2. North Carolina and 3. Texas.  For all the details go to:

http://www.sun-sentinel.com/news/local/broward/sfl-flbpopulationbox0104sbjan04,0,6920758.story

Best and Worst States to Retire

Well it used to be that the 2 best places to retire were Arizona and Florida.  It appears as a result of this latest real estate boom and bust that these 2 states while great for weather have started to drop in retirees eyes as attractive places to be.  Part of it is due to the run up in real estate prices that has literally made it unaffordable for many to buy and live on a fixed income.  Florida for example has seen the first shrinkage in its population in many years.  People are moving to other venues such as Tennessee, South Carolina, Georgia, North Carolina and other venues as the cost of housing is more affordable and the real estate taxes not as burdensome.  Arizona has also seen its run up in real estate that has made it more difficult to live comfortably there.  What are your thoughts?  What are the best places to retire today?  What are the worst?