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Wyoming is One of the Top 10 Most Tax-Friendly States

Scott Olson, Getty Images
Scott Olson, Getty Images

As the energy sector has put the big chill on Wyoming’s economy, at least there is some good news for those making their home in the cowboy state.

Despite the decline in the states economy, stable prices of oil and natural gas, along with mineral rights revenue has helped to keep tax rates low across Wyoming.

WalletHub.com has published a new study which compares tax rates across all 50 states. The Top and Bottom 10 states are listed below.

Wallethub’s findings show that Wyomingites, enjoy the second lowest cost of living index in the nation, largely in part to a lack of state income tax being collected.

Here are the top ten tax-friendly states based on Effective Total State and Local Tax Rates:

1.Alaska – 5.64%
2.Delaware – 6.07%
3.Montana – 6.89%
4.WYOMING – 7.43%
5.Nevada – 7.66%
6.Tennessee – 7.97%
7.Idaho – 8.48%
8.California – 8.79%
9.South Carolina – 8.84%
10.Florida – 8.94

Here are the 10 Least Tax-Friendly States based on Effective Total State and Local Tax Rates:

  1. Illinois – 14.76%
  2. Nebraska – 13.80%
  3. Wisconsin – 13.60%
  4. New York – 13.58%
  5. Rhode Island – 13.57%
  6. Connecticut – 13.56%
  7. Ohio – 13.06%
  8. Michigan – 13.00%
  9. Iowa – 12.84%
  10. New Jersey – 12.63%

Wallethub’s study is based on an annual household income of $54k, owns a home valued at $178k and a car valued at $23k. 

Taxpayers in the least tax friendly states pay up to three times more in taxes than those in the cheapest taxed states.

Source:  WalletHub

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