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Small Business

Small business

 This article is for those who want to keep more of their profits.  There are five states that are focused on, saying that these five states are the lowest taxed states in the country.  The five states are South Dakota, Texas, Montana, Tennessee, and Utah.  In these five states, it is encouraged to open up your own small business, because the taxes will be less harsh on the business.  The author’s focus on South Dakota, saying that it is the most profitable state to be in.  South Dakota is first because there is no personal or corporate income tax.  In South Dakota, anything you ring up in sales or profit, you get to keep.  At 4%, their statewide tax rate is modest, still making it below many others. 

 I think it is great for states to have a low tax rate and allow for business owners to keep more of their profits.  The only downside I see is that if one state can do it and be functional, then they all can.  There is no reason why SC cannot follow South Dakota’s tax guideline.  I think that if more states lowered taxes and let business owners to keep more profits, the depression we are in now would ultimately go away.

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