Study: New York Tops In Taxes
Monday, Feb. 27, 2006 9:18 p.m. EST

Thanks to its sky-high personal income, sales and business taxes New York state has the least business-friendly climate in the nation.

According to a study by the tax foundation, the State Business Tax Climate Index (SBTCI): "Taxes matter to business. Taxes affect business decisions, job creation and retention, plant location, competitiveness and the long-term health of a state's economy.

"Most importantly, taxes diminish profits. If taxes take a larger portion of profits, that cost is passed along to either consumers (through higher prices), workers (through lower wages or fewer jobs), or shareholders (through lower dividends or share value). Thus a state with lower tax costs will be more attractive to business investment. The rest