Wyoming’s budget decreased, cumulatively, making it well below pop+inf in state funds and all funds from 2014-23, meaning taxes are lower than the average taxpayer can afford
- The 2023 state funds budget is $3.4 billion lower than it would have been had spending grown at the rate of population growth plus inflation over the past decade.
- Because the state funds budget grew slower than population growth plus inflation for the last ten years, the state spent and taxed $25.1 billion less than possible.
- The 2023 all funds budget is $4.2 billion lower than it would have been had spending grown at the rate of population growth plus inflation over the past decade.
- Because the all funds budget grew slower than population growth plus inflation over the past decade, the state spent and taxed $30.1 billion less than possible.
State Funds Budget Data
- Estimated FY 2024 Only State Funds Budget ($ Billions): $3.99
- FY 2025 Only State Funds Budget Limit ($ Billions): $4.22
- FY 2025 Only State Funds Budget Limit Growth ($ Billions): 5.73%
- Cost per person of state funds budgeting more than pop+inf over the last decade in 2023 budget: ($5,870)
- Cost per family of 4 of budgeting more than pop+inf over the last decade in 2023 budget: ($23,478)
- Cumulative cost per person of state funds budgeting more than pop+inf over the last decade from 2014-23: ($42,957)
- Cumulative cost per family of 4 of state funds budgeting more than pop+inf over the last decade from 2014-23: ($171,829)
State All Funds Budget Data
- Estimated FY 2024 All Funds Budget ($ Billions): $4.86
- FY 2025 All Funds Budget Limit ($ Billions): $5.14
- FY 2025 All Funds Budget Limit Growth ($ Billions): 5.73%
- Cost per person of all funds budgeting more than pop+inf over the last decade in 2023 budget: -7132.372997
- Cost per family of 4 of all funds budgeting more than pop+inf over the last decade in 2023 budget: -28,529
- Cumulative cost per person of all funds budgeting more than pop+inf over the last decade from 2014-23: -51,533
- Cumulative cost per family of 4 of all funds budgeting more than pop+inf over the last decade from 2014-23: -206,130
Other Considerations
- Economic Freedom of North America (2021) (Rank): 18 [Fraser Institute]
- Economic Freedom (2022) (Rank): 9 [Cato Institute]
- Fiscal Policy (2022) (Rank): 13 [Cato Institute]
- Regulatory Policy (2022) (Rank): 6 [Cato Institute]
- State Tax Collections Per Capita (FY2021) ($): $3,239 [Tax Foundation]
- State Tax Collections Per Capita (FY2021) (Rank): 34 [Tax Foundation]
- State-Local Total Tax Burden per Capita (2022) ($): $4,691 [Tax Foundation]
- State-Local Tax Burden per Capita (2022) (%): 7.50% [Tax Foundation]
- State-Local Tax Burden per Capita (2022) (Rank): 2 [Tax Foundation]
- Top Income Tax Rate (2024) (%): 0.00% [Tax Foundation]
- Top Income Tax Rate (2024) (Rank): 1 [Tax Foundation]
- Flat/Progressive/Zero Income Tax (2024): Z [Tax Foundation]
- Overall State Business Tax Climate Index (2024)(Rank): 1 [Tax Foundation]
- Top Corporate Income Tax Rate (2024) (%): 0.00% [Tax Foundation]
- Top Corporate Income Tax Rate (2024) (Rank): 1 [Tax Foundation]
- State-Local Sales Tax Rate (2024) (%): 5.36% [Tax Foundation]
- State-Local Sales Tax Rate (2024) (Rank): 7 [Tax Foundation]
- Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (2021) (%): 0.56% [Tax Foundation]
- Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (2021) (Rank): 47 [Tax Foundation]
- Economic Outlook (2024) (Rank): 8 [American Legislative Exchange Council]
- Economic Performance Rankings, 2012-2022 (2024) (Rank): 44 [American Legislative Exchange Council]
- Tax and Expenditure Limit (0-3): 0 [American Legislative Exchange Council]
- Tax and Expenditure Limit (Rank): 32 [American Legislative Exchange Council]
- Right-to-Work Law (2022) (Y/N): Y [American Legislative Exchange Council]
- State-Local Spending per Capita (2022) ($): $19,235 [US Government Spending]
- State-Local Spending per Capita (2022) (Rank): 48 [US Government Spending]
- Official Poverty Rate (2020-22) (%): 8.7 [Census Bureau]
- Official Poverty Rate (2020-22) (Rank): 13 [Census Bureau]
- Supplemental Poverty Rate (2020-22) (%): 7.2 [Census Bureau]
- Supplemental Poverty Rate (2020-22) (Rank): 13 [Census Bureau]
- Labor Force Participation Rate (Dec 2023) (%): 64.00% [Bureau of Labor Statistics]
- Labor Force Participation Rate (Dec 2023) (Rank): 21 [Bureau of Labor Statistics]