Benchmark: Local Bite Keeps Getting Bigger
A recent survey of 434 fast-growing companies conducted by accounting firm Coopers & Lybrand revealed some bad news on the tax front: for the majority of companies, state and local tax bills increased last year by a whopping 27.2% on average. How bad have conditions gotten for growing businesses? Nearly 20% of the companies surveyed said they avoided placing operations in some high-tax states. (California was the culprit most often cited.)* * *
How did 1995's state and local tax bills compare with 1994's?
Stayed the same 32%
No response 3%* * *
Source: "Trendsetter Barometer," Coopers & Lybrand, New York City, April 1996.