MARYLAND (WBFF) — A new study by WalletHub ranks Maryland as the second worst state in the nation to start a business, just ahead of Rhode Island.
The study, which was released on Monday, evaluated states based on their business climate, access to resources and operational costs, with Florida emerging as the best state for new businesses.
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Given Maryland’s soaring corporate tax rate, economist Anirban Basu is not surprised by Maryland’s ranking.
“The overall business climate is quite poor,” he said.
He also noted that high property taxes increase the cost of office space and apartment rentals, offering little value for businesses.
The study also revealed that the top five business-friendly states are experiencing multi-billion dollar surpluses, while Maryland and other low-ranking states are struggling with significant budget deficits. The burden on taxpayers is growing, with some expressing a desire to leave the state.
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“You want to invest in public safety, education, transportation, but the way to do that is to grow your tax base and we’re just not doing that sufficiently,” Basu said.
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