Wyoming continues to rank number one in the nation in taxes for business. That’s from a report released by the Tax Foundation on Tuesday. The state’s lack of corporate and individual income tax has kept in in first place since 2012.
Wyoming Director Tony Gagliardi is with the National Federation of Independent Business’. He says the state deserves only a cautious congratulation since some of Wyoming’s taxes are going up. For instance, fuel taxes have increased and that could hurt farmers and hauling companies.
"And the only way small business owners and entrepreneurs control those costs, is by not expanding or by labor market adjustments," says Gagliardi. "They either do not hire or they reduce their work force."
Gagliardi also says business owners in Colorado are beginning to eye moving to Wyoming as the cost of doing business has gone up, while Wyoming’s business taxes have remained nearly static.
Montana, South Dakota and Utah also made it into the foundation’s top ten business friendly list.