Wyoming has once again won the rodeo for having the most competitive tax structure according to the Tax Foundation.
The Tax Foundation recently released its 2025 State Competitiveness Index. This study revealed which states are taxpayer-friendly for both individuals and businesses. States are ranked based on income, sales, excise, property, capital gains, corporate, payroll, estate, and VAT consumption taxes. The Tax Foundation found that Wyoming is the most taxpayer-friendly state, Montana is 5th, Idaho is 11th, and Washington is 45th.
The report acknowledges that replicating Wyoming’s exact tax structure may not be possible due to its significant tax revenue from natural resources, but other taxpayer-friendly states like Montana and Idaho can be replicated.
Wyoming was the top-ranking state for the fifth year in a row mostly because of its lack of corporate or individual income tax. Additionally, it has no inventory, franchise, occupation, or value-added taxes.
It also enjoys tax exemptions for manufacturers and data centers. Wyoming has the luxury of having no corporate or personal income tax due to significant tax revenue from minerals. Although Wyoming’s exact tax model can’t be copied, its principles can be applied everywhere. […]
— Read More: justthenews.com
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