Wyoming
Revised Senate Plan Would Raise Taxes on at Least 29% of Americans and Cause 19 States to Pay More Overall
• By ITEP Staff
The tax bill reported out of the Senate Finance Committee on Nov. 16 would raise taxes on at least 29 percent of Americans and cause the populations of 19 states to pay more in federal taxes in 2027 than they do today.
How the Revised Senate Tax Bill Would Affect Wyoming Residents’ Federal Taxes
• By ITEP Staff
The Senate tax bill released last week would raise taxes on some families while bestowing immense benefits on wealthy Americans and foreign investors. In Wyoming, 56 percent of the federal tax cuts would go to the richest 5 percent of residents, and 6 percent of households would face a tax increase, once the bill is fully implemented.
Analysis of the House Tax Cuts and Jobs Act
• By Matthew Gardner, Meg Wiehe, Steve Wamhoff
The Tax Cuts and Jobs Act, which was introduced on Nov. 2 in the House of Representatives, would raise taxes on some Americans and cut taxes on others while also providing significant savings to foreign investors.
How the House Tax Proposal Would Affect Wyoming Residents’ Federal Taxes
• By ITEP Staff
The Tax Cuts and Jobs Act, which was introduced on November 2 in the House of Representatives, includes some provisions that raise taxes and some that cut taxes, so the net effect for any particular family’s federal tax bill depends on their situation. Some of the provisions that benefit the middle class — like lower tax rates, an increased standard deduction, and a $300 tax credit for each adult in a household — are designed to…
Trickle-Down Dries Up: States without personal income taxes lag behind states with the highest top tax rates
• By Carl Davis, Nick Buffie
Lawmakers who support reducing or eliminating state personal income taxes typically claim that doing so will spur economic growth. Often, this claim is accompanied by the assertion that states without income taxes are booming, and that their success could be replicated by any state that abandons its income tax. To help evaluate these arguments, this study compares the economic performance of the nine states without broad-based personal income taxes to their mirror opposites—the nine states…
Benefits of GOP-Trump Framework Tilted Toward the Richest Taxpayers in Each State
• By Steve Wamhoff
The “tax reform framework” released by the Trump administration and Congressional Republican leaders on September 27 would affect states differently, but every state would see its richest residents grow richer if it is enacted. In all but a handful of states, at least half of the tax cuts would flow to the richest one percent of residents if the framework took effect.
GOP-Trump Tax Framework Would Provide Richest One Percent in Wyoming with 70.7 Percent of the State’s Tax Cuts
• By ITEP Staff
The “tax reform framework” released by the Trump administration and congressional Republican leaders on September 27 would not benefit everyone in Wyoming equally. The richest one percent of Wyoming residents would receive 70.7 percent of the tax cuts within the state under the framework in 2018. These households are projected to have an income of at least $542,400 next year. The framework would provide them an average tax cut of $180,480 in 2018, which would…
Nearly Half of Trump’s Proposed Tax Cuts Go to People Making More than $1 Million Annually
• By ITEP Staff
A tiny fraction of the U.S. population (one-half of one percent) earns more than $1 million annually. But in 2018 this elite group would receive 48.8 percent of the tax cuts proposed by the Trump administration. A much larger group, 44.6 percent of Americans, earn less than $45,000, but would receive just 4.4 percent of the tax cuts.
In Wyoming 57.3 Percent of Trump’s Proposed Tax Cuts Go to People Making More than $1 Million
• By ITEP Staff
A tiny fraction of the Wyoming population (0.5 percent) earns more than $1 million annually. But this elite group would receive 57.3 percent of the tax cuts that go to Wyoming residents under the tax proposals from the Trump administration. A much larger group, 39.4 percent of the state, earns less than $45,000, but would receive just 2.6 percent of the tax cuts.
Sound Tax Policy Made a Comeback in 2017
• By ITEP Staff
2017 marked a sea change in state tax policy and a stark departure from the current federal tax debate as dubious supply-side economic theories began to lose their grip on statehouses. Compared to the predominant trend in recent years of emphasizing top-heavy income tax cuts and shifting to more regressive consumption taxes in the hopes […]
50-State Analysis of Trump’s Tax Outline: Poorer Taxpayers and Poorer States are Disadvantaged
• By Alan Essig
Not only would President Trump’s proposed tax plan fail to deliver on its promise of largely helping middle-class taxpayers, it also would shower a disproportionate share of the total tax cut on taxpayers in some of the richest states while southern and a few other states would receive a smaller share of the tax cut […]
Trump Tax Proposals Would Provide Richest One Percent in Wyoming with 64 Percent of the State’s Tax Cuts
• By ITEP Staff
Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in Wyoming would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $3,008,400 in 2018.
Trump’s $4.8 Trillion Tax Proposals Would Not Benefit All States or Taxpayers Equally
• By Matthew Gardner, Steve Wamhoff
The broadly outlined tax proposals released by the Trump administration would not benefit all taxpayers equally and they would not benefit all states equally either. Several states would receive a share of the total resulting tax cuts that is less than their share of the U.S. population. Of the dozen states receiving the least by this measure, seven are in the South. The others are New Mexico, Oregon, Maine, Idaho and Hawaii.
State Rundown 6/14: Some States Wrapping Up Tax Debates, Others Looking Ahead to Next Round
• By ITEP Staff
This week lawmakers in California and Nevada resolved significant tax debates, while budget and tax wrangling continued in West Virginia, and structural revenue shortfalls were revealed in Iowa and Pennsylvania. Airbnb increased the number of states in which it collects state-level taxes to 21. We also share interesting reads on state fiscal uncertainty, the tax experiences of Alaska and Wyoming, the future of taxing robots, and more!
A Better Wyoming: Guess Which Sparsely Populated Mineral Rich State is Getting an Income Tax…
• By ITEP Staff
Alaska stopped collecting income taxes 35 years ago, and Wyoming has never remotely considered implementing one in the 82 years since it decided instead to charge state and local sales taxes. The Institute on Taxation and Economic Policy (ITEP) discovered recently that nearly 82 percent of Alaskans could expect to pay less under a progressive income tax than they would under a sales tax designed to generate an identical level of revenue.
A Better Wyoming: Everything You Know About Wyoming Taxes is Wrong
• By ITEP Staff
Wrong. According to the Institute on Taxation and Economic Policy (ITEP), a D.C. think tank that studies state tax policy, Wyoming’s wealthiest residents pay the lowest tax rate in the country. Meanwhile, people at the bottom 20 percent of Wyoming’s shaky economic ladder pay taxes at seven-times the rate that the top one percent of earners do. That’s the largest tax rate discrepancy between rich and poor in the United States.
State Rundown 5/31: Budget Woes Spurring Special Legislative Sessions
• By ITEP Staff
This week, special legislative sessions featuring tax and budget debates are underway or in the works in Kentucky, Minnesota, New Mexico, and West Virginia, as lawmakers are also running up against regular session deadlines in Illinois, Kansas, and Oklahoma. Meanwhile, a legislative study in Wyoming and an independent analysis in New Jersey are both calling for tax increases to overcome budget shortfalls.
Gas Taxes Increases Continue to Advance in the States
• By Carl Davis
This post was updated July 12, 2017 to reflect recent gas tax increases in Oregon and West Virginia. As expected, 2017 has brought a flurry of action relating to state gasoline taxes. As of this writing, eight states (California, Indiana, Montana, Oregon, South Carolina, Tennessee, Utah, and West Virginia) have enacted gas tax increases this year, bringing the total number of states that have raised or reformed their gas taxes to 26 since 2013.
State Rundown 5/3: Lawmakers See Value in State EITCs, Danger in Tax Cut Triggers
• By ITEP Staff
This week, Kansas lawmakers found that they’ll have to roll back Gov. Brownback’s tax cuts and then some to adequately fund state needs. Nebraska legislators took notice of their southern neighbors’ predicament and rejected a major tax cut. Both Hawaii and Montana‘s legislatures sent new state EITCs to their governors, and West Virginia began an […]
3 Percent and Dropping: State Corporate Tax Avoidance in the Fortune 500, 2008 to 2015
• By Aidan Davis, Matthew Gardner, Richard Phillips
The trend is clear: states are experiencing a rapid decline in state corporate income tax revenue. Despite rebounding and even booming bottom lines for many corporations, this downward trend has become increasingly apparent in recent years. Since our last analysis of these data, in 2014, the state effective corporate tax rate paid by profitable Fortune 500 corporations has declined, dropping from 3.1 percent to 2.9 percent of their U.S. profits. A number of factors are…
Charleston Gazette-Mail: Cutting WV Income Tax Likely to Backfire
April 11, 2017
There are nine states with no income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington, Wyoming, New Hampshire and Tennessee. Only Texas has seen job growth — as a result of being the center of the oil industry. The others have not; job growth has trailed population growth in the other eight. This is based […]
Testimony before the Alaska House Labor & Commerce Committee On House Bill 36
• By Matthew Gardner
Thank you for the opportunity to testify on the changes House Bill 36 would make to Alaska's tax treatment of pass-through income. The taxation of pass-through business entities has been a focal point of state and federal tax reform debates for over a quarter century, with a dual focus on minimizing the role of tax laws in determining the choice of business entity and on ensuring that the income of all business entities is subject…
Taxes and the On-Demand Economy
• By Carl Davis
A growing number of Americans are getting rides or booking short-term accommodations through online platforms such as Uber and Airbnb. This is nothing new in concept; brokers have operated for hundreds of years as go-betweens for producers and consumers. The ease with which this can be done through the Internet, however, has led to millions of people using these services, and to some of the nation's fastest-growing, high-profile businesses. The rise of this on-demand sector,…
Planet Jackson Hole: American Dreams, Undocumented Fears
February 22, 2017
A report published by the Institute on Taxation and Economic Policy (ITEP) in 2016 found that undocumented immigrants contribute around $11.6 billion to the economy annually. Undocumented immigrants in Wyoming contributed $12.7 million in state in federal taxes last year, according to a report from the New American Economy (NAE). And a University of Wyoming […]
What to Watch in the States: Modernizing Sales Taxes for a 21st Century Economy
• By Misha Hill
This is the fourth installment of our six-part series on 2017 state tax trends. The introduction to this series is available here. State lawmakers often find themselves looking for ways to raise revenue to fund vital public services, fill budget gaps, or pay for the elimination or weakening of progressive taxes. Lately, that search has […]
