The top 10 best state tax rates for small businesses and the 10 worst state tax rates for small businesses.
|Scooped by Martin (Marty) Smith|
North Carolina Ouch
Wow North Carolina is on the WORST list here, but this list and post shows there is more to starting up a company than taxes. Try finding VC support or a good CTO in Alaska or Montana.
I'm sure VC and great CTOs exist in all of these states, but I'd rather pay higher taxes and have what is needed to create a company (I've created 4 companies in NC).
NC has COLLEGES and a growing investment community. We aren't Austin or Boston yet but we have large numbers of people starting companies and supporting those who do.
Our taxes may be higher than some of the "best" states, but you get what you pay for. Being an innovator and entrepreneur is easier where you don't have to burn resources to establish the startup road. This is why the rich get richer such as Boston, Ausin and Silicone Valley.
Having started 4 companies here I've found the colleges to be a huge help in creating an ecosystem where startups are understood and for producing some big winners such as SAS (started at UNC) and Sharefile now owned by Citrix started just after Duke.
Having Duke, UNC and NC State within a stone's throw of one another creates the kind of ecosystem that you want to LIVE in and start a company. Alaska is too cold, Utah too Mormon and Nevada too hot for me I don't care what their taxes are.
I pent weeks traveling through Utah and Nevada during Martin's Ride to Cure Cancer our 2010 ride across America to cure cancer and can't imagine living in Utah or Nevada.
Utah is beautiful but desolate. I've never felt so alone on a "highway", a good feeling on an early morning bicycle ride a lousy feeling if you are starting a company. Nevada was so depressed I'm not surprised their taxes are so low. Nevada is a one trick pony and their alliance to gaming makes the sate untenable for living for many.
I realize these are someone baseless prejudices since I only rode a bicycle through these states, but this list proves there is more to starting companies than taxes.