The Washington Post on Thursday published a column titled Best State in America: Wyoming, for tax purposes. It reported that the Tax Foundation, the nation’s leading tax policy research organization, named Wyoming #1 in its 2015 ranking of states. For several years running, Wyoming has ranked #1 as the state with the best tax climate for businesses, and once again our state stays at the top of this important annual ranking. The recognition that Wyoming’s tax system is the most hospitable in the country to business is significant as we continue to work for economic growth and diversification.
“Economic growth has been one of my top priorities. Wyoming has earned its reputation of being the best place for business. We have focused on reduced regulatory burdens and increased policies that promote growth,” Governor Mead said. “Accolades like these are independent indicators that we are getting things right.”
The Tax Foundation looks at individual income, sales, corporate income, property and unemployment taxes. Wyoming scores exceptionally well because it has no corporate income or individual income tax. The state’s 4% sales tax rate is low compared to California with a 7.5 percent rate.
“Tax structure is just one piece of the economic development plan,” Governor Mead said. “Wyoming is also investing in transportation and internet infrastructures that are just as important as a favorable tax climate to attract a diversity of businesses. Business diversity strengthens the economy. It provides opportunity for Wyoming workers and assures a high quality of life. We will continue to work hard to keep Wyoming the top stop for business.”