Facts & Figures 2024: How Does Your State Compare?
Facts & Figures serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more.
2 min readHow does Wyoming’s tax code compare? Wyoming does not have an individual income tax. Wyoming also does not have a corporate income tax. Wyoming has a 4.00 percent state sales tax rate and an average combined state and local sales tax rate of 5.44 percent. Wyoming has a 0.55 percent effective property tax rate on owner-occupied housing value.
Wyoming does not have an estate tax or inheritance tax. Wyoming has a 24 cents per gallon gas tax rate and a $0.60 cigarette excise tax rate. The State of Wyoming collects $5,194 in state and local tax collections per capita. Wyoming has $3,475 in state and local debt per capita and has a 94 percent funded ratio of public pension plans. Overall, Wyoming’s tax system ranks 1st on our 2024 State Business Tax Climate Index.
Each state’s tax code is a multifaceted system with many moving parts, and Wyoming is no exception. The first step towards understanding Wyoming’s tax code is knowing the basics. How does Wyoming collect tax revenue? Click the tabs below to learn more! You can also explore our state tax maps, which are compiled from our annual publication, Facts & Figures 2024: How Does Your State Compare?
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SubscribeFacts & Figures serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more.
2 min readIn recognition of the fact that there are better and worse ways to raise revenue, our Index focuses on how state tax revenue is raised, not how much. The rankings, therefore, reflect how well states structure their tax systems.
111 min readTax burdens rose across the country as pandemic-era economic changes caused taxable income, activities, and property values to rise faster than net national product. Tax burdens in 2020, 2021, and 2022 are all higher than in any other year since 1978.
24 min readIndividual income taxes are a major source of state government revenue, accounting for more than a third of state tax collections. How do income taxes compare in your state?
8 min readGraduated corporate rates are inequitable—that is, the size of a corporation bears no necessary relation to the income levels of the owners.
7 min readRetail sales taxes are an essential part of most states’ revenue toolkits, responsible for 32 percent of state tax collections and 13 percent of local tax collections (24 percent of combined collections).
9 min readSports stadium subsidies are salient political gimmicks designed to appear as if politicians are providing tangible benefits to taxpayers. The empirical evidence shows repeatedly that stadium subsidies fail to generate new tax revenue and new jobs or attract new businesses.
6 min readRaising the combined US corporate rate to the second highest in the OECD would encourage corporations to depart from the US, reducing economic output and worker wages across the income spectrum.
2 min readMany states regulate and tax legal marijuana sales and consumption, despite the ongoing federal prohibition. Explore the data here.
6 min readHigh property taxes levied not only on land but also on buildings and structures can discourage investment in infrastructure, which businesses would have to pay additional tax on.
3 min readWireless taxes and fees set a new record high in 2024.
23 min readLegal sports betting has grown rapidly since the Supreme Court granted states the ability to establish online sports betting markets in Murphy vs. NCAA in 2018.
3 min readNationwide, property owners have experienced surges in valuations and are demanding tax relief. Lawmakers are right to find ways to provide it, but should do so with sound tax principles in mind.
5 min readTaxes are on the ballot this November—not just in the sense that candidates at all levels are offering their visions for tax policy, but also in the literal sense that voters in some states will get to decide important questions about how their states raise revenue.
9 min readThe latest IRS and Census data show that people and businesses favor states with low and structurally sound tax systems, which can impact the state’s economic growth and governmental coffers.
8 min readWhile many factors influence business location and investment decisions, sales taxes are something within policymakers’ control that can have immediate impacts—especially as a large number of major cities have combined rates of 9 percent or more.
6 min read