Florida's current corporate-tax rate of 5.5 percent is already near the bottom among states with flat rates, which range from 4.6 percent to 9.9 percent. The tax now funds education and other services, generating about $2 billion a year in revenue for a state currently facing a $3 billion budgetary shortfall.
Of the 32 states with flat rates, only five have rates lower than Florida's: South Carolina, Utah, Michigan, Colorado and Ohio. Those states combined are home to 52 headquarters for companies on the Fortune 500 list of largest U.S. corporations. The five states with the highest tax rates — Pennsylvania, Minnesota, New Jersey, Rhode Island and California — are home to more than 120 Fortune 500 headquarters.
Thursday, March 17, 2011
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