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1 Jared Walczak, Testimony on Maryland's Tax Climate before the Maryland Economic Development and Business Climate Commission [i] (2015)

handle is hein.taxfoundation/mdtxclim0001 and id is 1 raw text is: Testimony on Maryland's Tax Climate before the Maryland Economic Development and Business Climate Commission September 9, 2015 Jared Walczak Policy Analyst, Tax Foundation TESTIMONY AS PREPARED Chairman Augustine and members of the Maryland Economic Development and Business Climate Commission, thank you for the opportunity to testify before you today regarding Maryland's tax climate. My name is Jared Walczak and I'm a policy analyst with the Tax Foundation, a nonpartisan tax policy organization based in Washington, D.C. Three Ways of Evaluating State Tax Systems At the Tax Foundation, we maintain three major studies looking at taxes in the fifty states: the State Business Tax Climate Index, our State and Local Tax Burdens report, and Location Matters. Each helps to quantify different aspects of state tax systems and, we hope, provide a blueprint for positive tax reform. Each study represents a different way of looking at state taxes. The Index measures tax structure; it takes rates into account, but more than that, it reviews the neutrality, transparency, simplicity, and stability of each state's tax structure across more than one hundred variables. The Index is probably our best known publication, and is responsible for the rankings you often hear cited in the media-that a state's business climate ranks as such, or that it does this well (or poorly) for, say, the property tax component. We provide an overall ranking as well as rankings on five sub-indices: corporate, individual, sales, unemployment insurance, and property taxes. But while we hope these rankings can help drive an important conversation about tax reform, they are the beginning, not the end, of the conversation the Index is intended to facilitate, because the Index enables state by state comparisons across a wide range of factors: whether a state imposes a franchise tax, or employs a throwback rule, or implements loan and interest repayment Ul taxes, caps carryforwards, indexes brackets for inflation, and so on and so forth. And that, I think, is the real value of the Index for policymakers: it's a roadmap. It contributes to the tax reform discussion by allowing legislators to see how their state's tax structure compares to other states across a large range of variables. I'll return to how Maryland does momentarily.

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