If you can make it in New York, as the Sinatra song says, you can make it anywhere. And when it comes to making money, it’s never been truer: The Tax Foundation’s latest survey finds New York is the worst state in the U.S. for business.

A combination of high individual income tax, a high unemployment insurance tax and a high property tax land New York at the bottom of the list.  Here are the five worst states for business when it comes to taxes, according to the survey.

  • 1No. 50: New York


    New York is 49th when it comes to the individual income tax, and 45th for both the unemployment insurance tax and property tax.

  • 2No. 49: New Jersey


    Right next door to New York, New Jersey is 50th for the property tax and 48th for its individual income tax. “New York and New Jersey are in a virtual tie for last place, and any change next year could change their positions,” write Tax Foundation Index authors Scott Drenkard and Joseph Henchman.

  • 3No. 48: California


    California is dead last when it comes to its individual income tax, though its unemployment insurance tax and property tax rank relatively well.

  • 4No. 47: Minnesota


    Drenkard and Henchman point out that Minnesota recently enacted tax changes including a retroactive increase in the individual income tax, hurting the state’s ranking.

  • 5No. 46: Rhode Island


    The smallest state pays big taxes, ranking 50th in terms of its unemployment insurance tax and 46th for its property tax.

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