Wyoming revenues not benefiting from economic recovery
Wyoming’s tax revenue collection has fallen farther since the 2008 recession than every state in the union except Alaska, while 41 other states have increased tax revenues, according to a study by The Pew Charitable Trust.
The Cowboy State collected 37.7 percent less money in the last quarter of 2018 than it did at its high point in 2009, according to the study. The drop comes amid a rise in the average tax collection of all 50 states, which is now 13.4 percent higher than it was in 2008.
The 50-state-average for tax collection has risen steadily since a low in 2009. Wyoming’s always volatile tax revenues swung up and down from 2009 to 2015, then plunged in 2016 and has yet to rebound close to previous levels.
The Pew study did not analyze the reasons for each state’s performance.
Wyoming’s heavy reliance on the energy industry to fill state coffers, lack of personal and corporate income taxes and low individual property and sales tax rates have left state government funding unable to benefit from the national economy’s recovery.
Read more: https://www.wyofile.com/pew-wyoming-revenues-not-benefiting-from-economic-recovery/