Wyoming, Brag More About Low Taxes For Business Growth [Commentary]
If you are a Wyoming resident who complains about taxes, you have less to complain about than anyone in the nation, according to a recent study. But keep complaining. It helps keeps them low.
Forbes Magazine has released a study of what it considers the "best and worst states for taxes" and Wyoming does well.
Forbes searched data from the Tax Foundation to create rankings for the tax burden in each state. They compiled income, property, and sales tax, as well as special taxes like real estate transfer taxes, personal property taxes on some vehicles, and special tax district fees. Yes, fees are taxes too.
This can be used to Wyoming's advantage; companies and individuals in the higher taxed regions are looking to move to where the taxes are lower.
New York state has seen such a flight of people and companies that they have introduced a program called Startup New York. This offers a contract of 10 years without state taxes and low regulation for any company that wants to start up its business in their state. But the reprieve is temporary, and it comes with a commitment to stay in the state. New York also has a very high state income tax for its residents.
But why move to a state that offers temporary relief?
The state of Wyoming might want to think of running competing ads showing that our regulations and taxes have always been are will always be low. Wyoming also offers low energy costs, since we produce it right here. We are a much better place to startup a new business, and we do not have a personal income tax.