Wyoming is the Best State to Live in on April 15th
Okay, okay- so this year's tax day is on the 18th! Consider this your early reminder, and count yourself lucky for living in a state like Wyoming! There are only nine states that DO NOT have state income taxes.
Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.
It's nice to live in a state that doesn't have a state income tax. Imagine having to do all of that paperwork twice a year.
BUT WAIT, IT GETS WORSE!
Some cities even have a form of income tax. NOT KIDDING! I was going to list all those cities but I'm not sure if it would make you laugh or cry. You can just look it up at this link.
So if you live in a state like Wyoming count yourself as SMART!
If you choose to live in a state where the cost of living is high, but then you are charged city, county, state, and federal income taxes, along with other taxes and fees from the government, then maybe you are not so smart.
According to Kiplinger, Wyoming is listed as the most tax-friendly state in the nation.
State Income Tax Range: None
Average Combined State and Local Sales Tax Rate: 5.22%
Median Property Tax Rate: $575 per $100,000 of assessed home value.
The state sales tax rate in Wyoming is a modest 4%. Municipalities can tack on up to 2% more, which isn't that much. As a result, the state's combined state and average local sales tax rate is the eighth-lowest in the country, according to the Tax Foundation. (Kiplinger).
Wyoming also ranks about the 10th-lowest property tax amount in the Kiplinger rankings.
And that is why so many rich people are now moving out of places like Illinois, California, and New York, to name a few states, and coming to Wyoming.
So maybe it is worth putting up with all that Wyoming wind so we can keep most of the money we earn.
Why Is Wyoming The Lowest Taxed State?
For such a long time Coal, Gas and Oil paid most of the taxes for the state.
But those industries have taken a hit and suddenly the money was not rolling in like it used to.
The few Democrats living in Wyoming tried making the government bigger and proposed an income tax in the state. It was voted down several times.
Rather, in the last few legislative sessions, the Wyoming house, senate, and the governor focused on making the government smaller and more affordable. They rejected any tax hike proposal.
Smaller government means less government spending and that means the people get to keep more of what they earn.
Let's keep it that way Wyoming.