Wyoming State Personal Income Tax
Wyoming is one of the most extensive states in the United States of America located in the mountainous terrain of the western part of the nation. The population of the state is approximately 5 lakhs and seventy thousands which make it the least populous state in the United States and it also has a very low population density. The territorial structure of Wyoming is mostly mountainous coming under the range of Eastern Rocky Mountains and a large part of the state is made up of highly elevated prairie grasslands known as the High Plains. Cheyenne is the capital of Wyoming and the most highly populated city of this state. It is also the administrative and commercial capital city of the state.
The climate of Wyoming is normally continental and partly dry with great temperature variations and extremes. The average weather conditions of this state make it the windier and parched state in the United States of America. As already mentioned Wyoming has a very low population because of its climate and topography and the immigrant population roughly comprises about 2.2% of the entire population.
The state of Wyoming has a gross federal product of 27.4 billion dollars and the per capita income of the state is 32,808 dollars. The Mining Industry and the Travel & Tourism Sector are the principal industrial segments contributing towards the gross state product. The main mineral products are coal, coal bed methane, natural gas, crude oil, uranium and trona. Wyoming’s national parks and monuments attract millions of tourists from all over the world. Some of the potential tourist attractions are Yellowstone National Park, Grand Teton National Park and the world famous Devils Tower.
The federal tax structure of the state of Wyoming is unique and quite different from that of other states in the United States. The salient or cardinal features of the state are as follows:-
Wyoming does not charge a single dollar from its citizens in terms of individual or corporate income tax.
The citizens of the state neither have to submit assessment forms or submit any tax on retirement income and money earned from other states or counties.
The state levies a uniform state tax of 4% and the counties comprising the state have the choice of collecting an extra 1% surcharge for general and specific revenues. It is a choice or an option because such a proposal must have the consent or backing of the voters, that is the citizens of the state. The proposal is not mandatory.
Edibles and all other consumption items specific to human consumption is tax free.
Lodgings and boarding spread throughout the counties charge a county lodging tax of 2% to 5%.
The state levies an octroi of 5% on goods and items coming into Wyoming purchased elsewhere.
The property tax is calculated on the assessment value of the properties and immovable goods. The property tax is levied and collected by the Department of Revenue. The property tax for counties is a maximum of 12 mills of the assessed or calculated value, and the tax for cities and towns cannot be more than 8 mills.
The state also does not levy any tax on personal property.
Therefore, Wyoming is a safe haven not only for investors and capitalists but for its residents as well as far as tax payment is concerned.