Does it Make Sense to Set up a Business in Kentucky?
If you’re looking for a fairly low tax environment and you’re looking for a state that is very aggressive in courting local businesses, you should consider Kentucky. A lot of states in the US have become overly regulated. They also pass tax after tax and this has a tremendously negative effect on local entrepreneurship.
As you probably already know, if your taxes go up, you stand to make less profit. The less profits you have, the less likely your business will be around because hey, who wants to stick a business model that doesn’t have a high enough return on effort? A lot of critics of businesses have this idea in their head that taxes are often just absorbed and passed on to consumers by local businesses.
This is not true. Since these local businesses have to compete with each other, there’s really so much of the tax increase that they can pass through their customers. In fact, if they want to maintain their competitive advantage, they won’t pass such costs to their customers at all.
But the problem is they can only absorb so much.
You can only keep getting kicked in the teeth, so to speak, until you decide that you’re not going to take it anymore. This is why a lot of businesses from all over the US and particularly in places like New York and California, are taking a long hard look at Kentucky.
Kentucky’s business climate and business boosters make no bones about the fact that Kentucky would not only appreciate that you are moving your business here or setting up your shop here, but they would thank you profusely for it. They see you as a job seeker. They don’t see you as some sort of carpet bagger out to exploit people. They don’t see you as a greedy capitalist out to gain a competitive advantage. Instead, they see you as an individual just like everybody else with hopes and dreams and somebody who is taking action to turn those hopes and dreams into a reality.
This is the great American dream.
This is why people from all over the world go to America in the first place. They see it as a land of second chances. In fact, in many cases, they see it as a land of third, fourth and fifth chances. It doesn’t matter whether you were born poor in your country of origin. It doesn’t matter whether you were struggling in another state in the union.
When you go to Kentucky, you get a fresh start. You get to take another whack at your dream. This is why this state has really dialed down on the regulations so entrepreneurs can keep at working on their dream until it becomes a reality. We understand that often times, it takes several false starts for you to get your business idea or personal success off the ground.
We understand how it works. We also realize that the many set-backs, obstacles and difficulties that you face. This is why we are so welcoming of business here in terms of taxes and regulation because we know what you’re up against. We would like to give you the tools that you need so you can achieve success sooner rather than later.