The One Reason You’ll Be Glad You Live In Wyoming This Tax Season
With tax season right around the corner, let’s take a look and see how Wyoming compares with the rest of the country. The Tax Foundation makes an annual assessment of each state’s tax environment and then ranks them accordingly. According to the findings in their 2017 State Business Tax Climate Index, you’ll be glad you live in Wyoming this tax season.
Taxes seem to bring with them a negative connotation summed up in one word...burden. However, there are some good things that do come out of this necessary evil. Taxes raised by the government are used to fund hospitals, schools, roads, museums and numerous other public services...all things that we can't live without.
According to the report by the Tax Foundation, Wyoming ranked as one of the 10 best states in this year's index based on the state's tax environment. Not only were they in the top 10 but Wyoming came out on top as #1.
Wyoming is ranked #1, which means it has the best tax environment when it comes to individual income tax, corporate tax, state business tax and overall rank. That's because Wyoming doesn't have an individual income tax or corporate income tax.
Relatively speaking, Wyoming also has a low sales tax at 4%. For sales tax, they ranked #6 in the country which puts them at an advantage over most other states.
While taxes are inevitable, the key to an inviting tax structure is finding that healthy balance between the government and residents of that state so that the government has an adequate amount for public services and the residents don't feel as if the taxes are too much of a burden.
That's why Wyoming excels when it comes to their tax environment. While they rank #31 and #38 in unemployment insurance tax and property tax, they have been able to eliminate 2 major taxes: the individual income tax and the corporate tax.
Taxes are just one of many reasons you’ll be glad you live in Wyoming. For other reasons, check out 14 Reasons To Drop Everything And Move To This One Wyoming City.
OnlyInYourState may earn compensation through affiliate links in this article.
