The tax burden on Wyoming citizens is ranked lowest in the country
Contrary to what some lawmakers would have you believe Wyoming is ranked best in the country for lowest overall tax structure on its citizens. see https://taxfoundation.org/statetaxindex/states/wyoming/
The States data compiled for the legislature confirms Wyoming’s property taxes are also incredibly low when compared to the rest of the nation. In fact the legislature committee report makes the following pronouncement:
“Wyoming consistently ranks among the lowest states in the nation for its tax burden on its citizens”. https://wyoleg.gov/…/03-202105102-6…
So why does the Freedom Caucus want to cut property taxes even lower, KNOWING it harms every City and Town, and their firefighters, emergency responders, law enforcement and dozens of other agencies?
Yet Wyoming’s finances are strong
How strong?
For the past 6 years Wyoming has been saving money at an impressive clip. Today the State enjoy reserves that exceed 5X the current budget for all departments.
In our permanent accounts, those that we cannot access, except for the interest they generate we have over $36 billion. This year the interest income alone was over $800million or 35% of our General fund.
Our Permanent fund is one of the 25 largest sovereign wealth funds in the world!!! ( We are the only state in the union that enjoys this type of financial windfall)
The State of Wyoming, whose energy economy was more volatile since the drop in Coal production, is now stabilizing due to sound economic policy and a commitment to saving while markets are good. 5X in reserve and smart investment policy have kept these reserves growing.
This year’s excess “rainy day fund” currently sits at almost 2 billion dollars!
