These are the best (and worst) states for business owners in 2024
foxbusiness.comNew York Post columnist Rikki Schlott on young professionals fleeing Democrat-run states and legacy admissions at Ivy League schools.
Texas ranks as the top state in the country for entrepreneurs looking to launch a new business in 2024, according to a new survey published this week.
Findings from Simplify, an online publication that provides free guides for small business owners, found that the Lone Star State is the best in the U.S. to start a business, thanks to a strong influx of educated workers and no corporate income tax.
Texas is one of the few states that does not collect any type of income tax, although it does levy a gross receipts tax.
Florida ranked as the second-best state for business owners in 2024, according to the study, which cited its strong job creation and educated worker mobility. For 2023, total nonfarm employment in Florida grew by 2.5%, or about 240,600 jobs, Labor Department data shows. That makes it the eighth-best state in the nation for job growth.
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In an aerial view, the downtown skyline is seen on April 11, 2023, in Austin, Texas. (Photo by Brandon Bell/Getty Images / Getty Images)
Florida imposes a 5.5% tax on corporate income, but it does not tax individual income.
Rounding out the top three states for business owners is Wyoming, which has no corporate taxes and saw the country's strongest business growth in the year ending November 2023, the study found.
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«Even so, every state has its drawbacks, and Wyoming has a high degree of inflation relative to 2021 and low consumer spending growth,» the study said.
On the other end of the spectrum,
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