WYOMING MOST "WEALTHY FRIENDLY" STATE

[Boston]

WYOMING MOST "WEALTHY FRIENDLY" STATE

"Bloomberg Wealth Manager magazine analyzed how
the tax bite varies depending on where you live
and the origin of your wealth--salary, real
estate, personal property or retirement assets. 
Tax codes and their effects on the wealth of four
hypothetical families were compared for each of
the 50 states, and the District of Columbia.
   "The five more wealthy-friendly states were
Wyoming, Nevada, Tennessee, Alabama and Alaska. 
The five "tax-hell" states were Rhode Island,
Wisconsin, New York, Vermont and Nebraska."
   -- Marshall Loeb, CBSMarketWatch, 6/18/04

[planetaryjim]

Dear Boston,

I was doing some research this evening on the sales tax rules for gold coin purchases.  Completely by serendipity, I came across this site:

 http://www.pfblog.com/archives/658_do_you_live_in_a_taxfriendly_state.shtml

It lists Wyoming very high in a number of categories.  The conclusions shown appear to all be drawn from this essay:
 http://news.morningstar.com/article/pfarticle.asp?id=108932&
which indicates more sources and detailed discussion.

To focus on the "making the case" aspect of this part of the forum, I thought I would point out some particular comparisons.

The first category, which caught my attention right away, is "Best States for Keeping Salary."  I think a lot of people who are potentially interested in our movement would be pleased to find Wyoming at the top of this list:

Wyoming
Alaska
New Hampshire
Nevada
Tennessee
Washington
Florida
South Dakota
Texas
Alabama

Now, some people here are probably aware that New Hampshire has a sort of free state project going. <smile>  Not everyone is probably aware that Alaska also has had a secession and independence movement for many years.  Texas, of course, is renowned for its various, sometimes controversial, independence efforts.  (Texas can claim thirteen years as a separate country, nine as the Republic of Texas from 1836 to 1845 and four as a sovereign state of the Confederacy from February 1861 to May 1865 - plus quite a few years as a state in rebellion up through 1872.)

In this category we probably aren't going to attract a huge number of South Dakotans or Washingtonians.  It is cool to be number one in the category, of course.  And, actually quite nice to have South Dakota next door helping keep the region free and independent.

Morningstar.com's discussion includes the following: "Wyoming doesn?t tax personal or corporate income, while Rhode Island levies a 25% tax on taxable income. If we look at sales tax, Wyoming?s tax is 4% versus Rhode Island at 7%. Alaska doesn?t levy state income tax or sales tax. To find out more about any state, go to http://www.bankrate.com/brm/itax/state/state_tax_home.asp "

Worst States for Taxing Salary

Rhode Island
Vermont
California
District of Columbia
Maine
Oregon
New York
Idaho
North Carolina
Nebraska

Now, for worst states, I was interested to note Oregon, Idaho, and Nebraska.  All quite nearby.  No surprise that Kalifornia is on the list.  Vermont and Maine residents are more likely to move to New Hampshire, as are folks in New York. 

Here are the best states for taxing retirement income the least:

Hawaii
Wyoming
Delaware
Colorado
Arizona
Alabama
Nevada
Louisiana
Alaska
Washington

Worst States for Retirement taxes:

Wisconsin
Nebraska
Connecticut
Kansas
Rhode Island
New Jersey
Illinois
New York
Texas
Maine

Notice our friends in Nebraska and Kansas would have reason to move to Wyoming to better their situation on retirement taxes.  And, let's face it, Hawai'i is out of reach for a lot of people. 

Best States for Overall Wealth Friendliness - this seems to be once again the Bloomberg study you had cited.

Wyoming
Nevada
Tennessee
Alabama
Alaska
Colorado
Washington
Louisiana
Delaware
Arizona

I note that New Hampshire does not appear on that list.

Worst States for Overall Wealth Friendliness

Rhode Island
Wisconsin
New York
Vermont
Nebraska
New Jersey
Maine
Idaho
Ohio

Again, Nebraska and Idaho are neighboring states.  It might be something to put the word out that Wyoming would serve people in those states better.  Obviously, people who are concerned about wealth, retirement income taxation, or salary taxation are generally going to favor private property.  Those in states away from the two coasts are more likely, in my view, to have the freedom mindset.  But, no doubt, the link between wealth and enthusiasm for freedom is not direct nor perfect.  Some who have great wealth are also quite socialist.

In terms of making the case from my own perspective, now that I am living near Kansas City, the fact that Wyoming is number two and Kansas one of the worst for retirement taxation was quite remarkable to me.  There's no doubt that making the case is something different for each individual.  After all, the most effective recruiting comes from personal interactions.

Nevertheless, there may be room for a press release or an advertisement in some publication like _Reason_ magazine.  A press release could discuss the many aspects of Free State Wyoming and how Wyoming is particularly useful in these wealth and taxation areas.  It might be sent around to a broad array of print and web based freedom publications. 

I remember very distinctly that the number of people interested in the Atlantis Project back in 1993 jumped from about 200 to around 1200 based largely on the ad in _Reason_.  It might be worth considering.

Regards,

Jim
 http://vertoro.com/

[Paul Bonneau]

Some good ideas and information here, Jim.

BTW Wyoming has taken Bloomberg's "Most Wealth-Friendly" title for something like 6 years running.

[FuzzHammer]

it's interesting to me that michigan doesnt fall into any of the "worst " states list....because people that live here know we are quiet screwed, of course, we have a terrible level of unemployment going on right now and a totally socialist governer ( i FULLY expect and PRAY that she will be thrown out of office in the upcoming election) in any case, although i have family ties and such that would make it hard for me to move to WY, the girl that is to be my wife and carries my unborn son, she knows that i read thos board, and what its all about, and she is coming around, and has even stated a desire to move out of state, although the possible destinations are as yet undiscussed, i am very seriously looking for a way to swing things towards wyoming...and the things expressed on this particular thread, certainly show ALOT of reason why it would be a good idea...

[Fred Rogers]

we have a terrible level of unemployment going on right now and a totally socialist governer

Yeah, but we have "cool cities".? A year or two ago I advocated that our county do Governor Granola one better and become a cool county.? A local city council was not amused.? As far as the unemployment goes, one could try to acquire one of the taxpayer-funded couscous stands.? Wear a burka when you apply.? Show up in a wooden cart drawn by three reindeer, a troika symbolic of the regulatory system.

How does one attach a cookie to a post?

I've read about trout in Wyoming.? But does the state have walleye?

[Hunter]

I've read about trout in Wyoming.? But does the state have walleye?

Have we got
WALLEYE?You be pullin our leg, eh?
The walleye fishin is:.......... ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
Fantastic[/b]

The best walleye in the state is at Keyhole Res in Crook County.
Hunter

[rhodges]

Yeah, but we have "cool cities".  A year or two ago I advocated that our county do Governor Granola one better and become a cool county.  A local city council was not amused.

Of course, the next question is "what the hell is a 'cool city'?"...
http://www.coolcities.com/whatscool/background/
"... as an urban strategy to revitalize communities, build community spirit, and most importantly, retain our "knowledge workers" who are leaving Michigan in alarming numbers."
Heh, I think they really mean "... retain our high value taxpayers who are fed up with supporting our expensive political programs."
The rest of this article seems to be endless blather about how many memos and meetings the politicians could have on this topic, without actually doing anything of substance.

Sometimes I get to thinking that while a lot of us want freedom, there are also a lot of people who REALLY DO want oppression.  Yes, I mean that at face value. 

[FuzzHammer]

the town i live in is also a "cool city" so when they got the funds from the state, they organized a show, had a few bands play, and then went and spent the rest of the money getting themselves drunk....yeah, real cool city, let me tell you...

[Paul Bonneau]

... as an urban strategy to revitalize communities, build community spirit, and most importantly, retain our "knowledge workers" who are leaving Michigan in alarming numbers."

Sorry to say, Wyoming has such fascist claptrap too. Unfortunately, the state government is rolling in dough because of severance taxes, and they spend it on things like "business-ready communities" and "Wyoming business council". You can't get away from that stuff, until at least a crash comes around and the money dries up. 

But Wyoming is a great place to raise a kid! Maybe the best! 

[planetaryjim]

Unfortunately, the state government is rolling in dough because of severance taxes,

Perhaps now would be a good time to task the state legislature to roll back all other taxes?  Who really wants a sales tax?

Regards,

Jim
 http://vertoro.com/

[FuzzHammer]

... as an urban strategy to revitalize communities, build community spirit, and most importantly, retain our "knowledge workers" who are leaving Michigan in alarming numbers."

Sorry to say, Wyoming has such fascist claptrap too. Unfortunately, the state government is rolling in dough because of severance taxes, and they spend it on things like "business-ready communities" and "Wyoming business council". You can't get away from that stuff, until at least a crash comes around and the money dries up. 

But Wyoming is a great place to raise a kid! Maybe the best! 

i have to admit, that i do not at all disagree, about wyoming being a great place to raise a kid! i'll be discussing it with my wife to be and pray for a descision that is in favor with my goals...

[wyomiles]

I was surfing and found this site of a business out of Cheyenne. I am not promoting them,and have never used thier services. I just thought they listed some good info on starting a business in Wyoming. If this is not appropriate please delete it . Thanks  Miles

http://wyomingcompany.com/?trackcode=bizcom

[Paul Bonneau]

This is for non-Wyoming corporations wanting to incorporate in the best possible state. Not for in-state corporations. There are a few states that are preferred for that - Nevada, Wyoming and Delaware.

Such corporations do not have to put up with the BS in-state corporations do (e.g. high workers comp rates, business property taxes, licensing and regulation, etc.)

[Don Wills]

Unfortunately, the state government is rolling in dough because of severance taxes,

Perhaps now would be a good time to task the state legislature to roll back all other taxes?? Who really wants a sales tax?

Getting rid of the state 4% sales tax might be possible with a gas tax increase and ending several state goverment programs, but most counties and cities in the state are very dependent on the 1% or 2% that they tack onto the state sales tax.? Note that the state now has to give money to the counties to make up for the loss of local sales taxes on food when the abolition of sales taxes on food takes effect July 1.? Wyoming could follow the Alaska model which has no state sales tax, but has local sales taxes that vary from 0% to 7%.

However politically tough it might be to get rid of the state sales tax, the benefits to the state would be tremendous.? Does any reader know if there has been any serious consideration given to this by any of our esteemed legislators?

[Paul Bonneau]

Yes, Senator Cale Case, the last couple of sessions, has had a bill to roll the tax back to 3% like it was in the early '90's (they then bumped it to 4% as a "temporary" measure because Wyoming was in recession and not "enough" money was coming into the state government  ). A Republican legislature did this by the way. 

His attempt has been overshadowed by the food tax thing, for now.