Bigger Than Ever: The Local Tax Bite On BusinessChristopher Farrell
Businessmen may dislike Washington policymakers, often with good reason. But a recent survey by accountant Coopers & Lybrand suggests they have equal reason to fear officials closer to home. Hard-pressed state and local governments need money, and they are going after business to get it. According to the survey, state and local taxes accounted for 46% of the total corporate tax burden of the 348 responding companies, most with annual sales above $100 million. State and local taxes went up over the past three years for 83% of the companies, and 92% of them anticipate further hikes over the next three years.
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