Wyoming Taxes Wyoming receives more federal tax dollars per capita in aid than any other state except Alaska. The federal aid per capita in Wyoming is more than double the U.S. average. Wyoming also sends more natural resource taxes per capita to Washington DC than any other State except Alaska. Unlike most other states, Wyoming does not levy an individual or corporate income tax. In addition, Wyoming does not assess any tax on retirement income earned and received from another state. Wyoming has a state sales tax of 4%. Counties have the option of collecting an additional 1% tax for general revenue and a 1% tax for specific purposes, if approved by voters. Food for human consumption is not subject to sales tax. There also is a county lodging tax that varies from 2% to 5%. The state collects a use tax of 5% on items purchased elsewhere and brought into Wyoming. All property tax is based on the assessed value of the property and Wyoming's Department of Revenue's Ad Valorem Tax Division supports, trains, and guides local government agencies in the uniform assessment, valuation and taxation of locally assessed property. "Assessed value" means taxable value; "taxable value" means a percent of the fair market value of property in a particular class. Statutes limit property tax increases. For county revenue, the property tax rate cannot exceed 12 mills (or 1.2%) of assessed value. For cities and towns, the rate is limited to 8 mills (0.8%). With very few exceptions, state law limits the property tax rate for all governmental purposes.
Personal property held for personal use is tax-exempt. Inventory if held for resale, pollution control equipment, cash, accounts receivable, stocks and bonds are also exempt. Other exemptions include property used for religious, educational, charitable, fraternal, benevolent and government purposes and improvements for handicapped access. Mine lands, underground mining equipment, and oil and gas extraction equipment are exempt from property tax but companies must pay a gross products tax on minerals and a severance tax on mineral production.
Wyoming does not collect inheritance taxes. Because of the phase-out of the federal estate tax credit, Wyoming's estate tax is not imposed on estates of persons who died in 2005. There is limited estate tax related to federal estate tax collection.
In 2008, the Tax Foundation ranked Wyoming as having the single most "business friendly" tax climate of all 50 states. Wyoming state and local governments in fiscal year 2007 collected $2.242 billion in taxes, levies, and royalties from the oil and gas industry. The state's mineral industry, including oil, gas, trona, and coal provided $1.3 billion in property taxes from 2006 mineral production.
State sport: Rodeo
State reptile: Horned lizard
State motto: Equal Rights
State soil: Forkwood
Texas:
Teaxs Taxation has a "low taxes, low services" reputation. According to the Tax Foundation, Texans' state and local tax burdens rank among the lowest in the nation, 7th lowest nationally; state and local taxes cost $3,580 per capita, or 8.4% of resident incomes. Texas is one of seven states that lack a state income tax.
Instead, the state collects revenue from a state property tax and sales tax, which is charged at the rate of 6.25%, but local taxing jurisdictions (cities, counties, special purpose districts, and transit authorities) may also impose sales and use tax up to 2% for a total maximum combined rate of 8.25%. Texas is a "tax donor state"; in 2005, for every dollar Texans paid to the federal government in federal income taxes, the state received approximately $0.94 in benefits.
Texas....
State sport: rodeo
State reptile: Texas Horned Lizard
State motto: "Friendship"
State soil: Houston Black (Could have fooled me, I thought it was just Clay.)
State Beverage: Beer (Lone Star to be exact!)
