JACKSON, Wyo.– Wyoming lives up to its reputation as a tax haven.
A study by WalletHub placed Wyoming solidly at the bottom of the “tax-paying” states, or states that most aggressively tax their residents. Equality State came in 47th. In other words, Wyoming has the fourth lowest tax burden of the 50 states.
WalletHub measured the tax burden based on three components: property tax as a share of personal income, personal income tax as a share of personal income, and total sales and excise tax as a share of personal income. as a share of personal income. Wyoming has no income tax and ranks 35th in sales and excise taxes. It ranked higher for property tax burden.
Of course, many people have already figured out Wyoming’s low tax burden. The state‘s lax laws have attracted the “super-rich” to the state, and especially to Teton County, which means the wealth gap is widening as well.
How Wyoming’s tax laws affect Wyomingites’ finances as of April 18 of this year, when Uncle Sam takes his cut, is still largely personal. If you need help filing your taxes this year, the Teton County Library is offering free tax prep through April 9.
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