Many people are beginning to wrap their minds around the House Republicans’ proposed destination-based cash-flow tax and what it means for tax reform. Most people are still looking into the tax’s impacts on trade and how...
The facts on Wyoming’s Tax Climate
0%Individual Income Tax
0%Corporate Income Tax
$2173Property taxCollections Per Capita
Wyoming's Individual Income Tax System
Wyoming levies no individual income tax, joining six other states with the same policy: Alaska, Florida, Nevada, South Dakota, Texas, and Washington.
Wyoming's Corporate Income Tax System
Wyoming levies no corporate income tax, joining five other states with the same policy: Nevada, Ohio, South Dakota, Texas, and Washington.
Wyoming Sales and Excise Taxes
Wyoming levies a 4% general sales or use tax on consumers, which is below the national median of 5.95%. The average local sales tax rate is an additional 1.4%. Wyoming's state and local governments collect $1,489 per person in general sales taxes and $285 per person in excise taxes, for a combined figure of $1,774, which ranks 11th highest nationally. Wyoming's gasoline tax stands at 24 cents per gallon, 32nd highest nationally, while its cigarette tax stands at $0.60, 41st highest nationally.
Wyoming Property Tax Collections Relatively High
Wyoming's state and local governments collected approximately $2,173 per person in property taxes in 2013, which ranks 7th nationally.
Tax Freedom Day Arrives on April 23rd in Wyoming
Tax Freedom Day is the day when Americans have finally earned enough money to pay off their total tax bill for the year. In 2016, Wyoming taxpayers have to work until April 23rd (36th earliest nationally) to pay their total tax bill.
Wyoming's State and Local Tax Burdens Ranks 48th
Wyoming's 2016 Business Tax Climate Index Ranks 1st
Wyoming ranks 1st on the Tax Foundation's State Business Tax Climate Index. The Index compares the states in five areas of taxation that impact business: corporate taxes (1st), individual income taxes (1st), sales taxes (12th), unemployment insurance taxes (30th), and taxes on property (36th), including residential and commercial property.
State Business Tax Climate Index (full study)
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