Wyoming Has One of the Lowest Tax Burdens in America
It is the dreaded tax season again. Well, at least dreaded for some. But regardless whether or not your paying or actually getting a return, tax burden is still a very real issue throughout the country.
That's why personal finance website, WalletHub, recently conducted a study listing "2022’s Tax Burden by State".
Out of all fifty states, the Wyoming scored 47th overall. That means out of the entire country, only three other states had less tax burden (which were Delaware, Tennessee and Alaska respectively).
WalletHub also took time to specifically differentiate between "tax rate" and "tax burden". The study states:
One simple ratio known as the “tax burden” helps cut through the confusion. Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes. And it isn’t uniform across the U.S., either.
Tax Burden in Wyoming (1=Highest, 25=Avg.):
- 47th – Overall Tax Burden (6.32%)
- 15th – Property Tax Burden (3.32%)
- 44th – Individual Income Tax Burden (0.00%)
- 35th – Total Sales & Excise Tax Burden (3.00%)
With exception of property tax burden, Wyoming scored exceptionally well on all marks. This is just more proof why the Equality State is one of the best places to live in the entire United States of America.
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