Wyoming’s Financial Advantages
As one of only eight states without either an income tax or tax on interest and dividends, Wyoming offers a clear financial advantage to its residents, too. In addition, Wyoming has no gift tax, and while it has an inheritance tax, it is what is commonly known as a “pick-up” tax, being that amount which is equal to the credit against the federal estate tax, so no additional death tax is due.
These advantages helped Wyoming win “most wealth-friendly” status for the fifth year in a row in the April 2002 issue of Bloomberg Personal Finance Magazine. According to the Bloomberg survey – which compares taxes levied on residents in each state and the District of Columbia, including income, sales and property taxes – Wyoming was the only state to score an A-plus for how little families are taxed. It was one of only three states to get an A-plus for wealth-friendliness for retirees. This latter ranking was backed up by Barron’s, which in March 25, 2002, named Jackson Hole one of the twenty best places to retire.
During the 1990s, most tourism towns saw their populations grow twice as fast as the country as a whole; many grew three or four times as fast. Previously dependent solely on tourism, mountain towns are rapidly becoming communities with diverse economies. In Jackson Hole, the only destination in America that is both a national park gateway and a major winter resort, these trends – which show no sign of waning – have created a highly desirable community to call home.
