NEW YORK (TheStreet) - Which state has the highest taxes for businesses and individuals?
Fostering economic growth and development is not only dependent upon corporate taxes, but how friendly the state is to consumers through individual income rates and sales tax rates, according to a new report from the Tax Foundation, a right-leaning Washington, D.C.-based think tank.
States that made the think tank's "worst for business" list in its 11th annual State Business Tax Climate Index had several common characteristics, including "complex, non-neutral taxes with comparatively high rates," according to the report, which compares states on more than 100 different variables within five areas of taxation - corporate taxes, individual income taxes, sales taxes, unemployment insurance taxes and property taxes. The report also considers any tax changes in effect as of July 1, 2014, the start of most states' fiscal year.
New Jersey ranked the lowest in the index because it is among the states with "the highest property tax burdens," "is one of just two states to levy both an inheritance and an estate tax," and has an income tax structure that the conservative think tank says is among the worst in the country.
Click through to see which states made the list.
Iowa ranked 2nd for highest corporate tax rate.