Maine’s Small Businesses Struggling for Survival
The Small Business & Entrepreneurship Council recently released their 2011 Small Business Survival Index (pdf). Unfortunately, it brings more bad news for Maine’s economy. Maine is ranked as the 45th friendliest policy environment for entrepreneurship in the country.
However, like the Forbes Best States for Business Ranking I mentioned earlier (about a week before the Maine press), this index is not yet including the recent cut in the top personal income tax rate to 7.95 percent from 8.5 percent which doesn’t kick-in until 2012. The survival index puts a good deal of weight on the top personal income tax rate and that change alone would have moved Maine up a couple of spots–all else being equal.