– Wyoming Income Tax Estimator –
How Much Income Tax Would You Have To Pay?
THE PROBLEM: By current government estimates our budget deficit will soon be about $700,000,000 a year. Government spends much more money than it takes in.
Should we increase taxes or should we reduce spending?
SOME SAY WE SHOULD INCREASE TAXES. But property taxes, or sales taxes, or corporate taxes would not bring in enough revenue.
INCOME TAXES BRING IN MORE REVENUE THAN ANY OTHER SINGLE TAX. If you don’t count bad side effects, an Arizona-style income tax might bring in $835,000,000 a year.
TAXES DO NOT LIVE UP TO THEIR PROMISE. In practice, side effects of higher taxes such as out-migration and slimmer profits that cause businesses to close mean the take would be less. More taxes of any kind will run down our economy.