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New study shows trends in business tax

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in Small Business Tax

Are state and local taxes taking a bigger bite out of your business revenue? A new study prepared by Ernst & Young, along with the Coun­­cil on State Taxation (COST), reveals that businesses paid $671 billion in total state and local taxes in fiscal year 2013. Also, state business taxes increased 4.7% in FY2013, compared to local tax growth of 3.7%. Finally, business taxes accounted for 44.9% of all state and local taxes.

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