SmartAsset Study Names Wyoming Least Costly State for the Rich
A study released by SmartAsset yesterday named Wyoming as the state where it costs the least to be rich. The study examined each state by measuring its estimated tax burden resulting from income, property, and estate taxes.
Of the three components studied, Wyoming has done everything it can to get rid of two of them: the income and estate tax. The only taxes being collected in these two categories are collected by the federal government.
Meanwhile, Wyoming’s property tax, though not the lowest in the nation, was minimal enough to grant Wyoming the top spot.
The states are ranked below. The list excludes Hawaii.
- South Dakota
- North Dakota
- New Mexico
- West Virginia
- South Carolina
- North Carolina
- New Hampshire
- New Jersey
- New York
- Rhode Island
For more information, visit Smart Asset’s website.