The "Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index" is an annual report published by the American Legislative Exchange Council (ALEC) Center for State Fiscal Reform. It ranks states' economic competitiveness using fifteen equally weighted policy variables, including various tax rates, regulatory burdens, and labor policies. The report tracks the latest movements in state economic growth and offers an online companion tool at RichStatesPoorStates.org.
Fifteen equally weighted policy variables determine the economic outlook scores. Those variables are
- Top Marginal Personal Income Tax Rate
- Top Marginal Corporate Income Tax Rate
- Personal Income Tax Progressivity
- Property Tax Burden
- Sales Tax Burden
- Remaining Tax Burden
- Estate / Inheritance Tax Levied?
- Recently Legislated Tax Changes
- Debt Service as a Share of Tax Revenue
- Public Employees Per 10,000 of Population
- State Liability System Survey
- State Minimum Wage
- Average Workers' Compensation Costs
- Right-to-Work State?
- Tax Expenditure Limits
Here is how Wyoming ranked overall:
Areas we ranked 1st:
- Top Marginal Personal Income Tax Rate
- Top Marginal Corporate Income Tax Rate
- Estate / Inheritance Tax Levied?
- Debt Service as a Share of Tax Revenue
- State Minimum Wage
- Right-to-Work State?
Where did
we come in at 50th:
- Public Employees Per 10,000 of Population
Here is
how we did in every other area:
Wyoming's ranking as 50th with 854.3 public employees per 10,000 residents underscores the need to reduce state spending by downsizing the size of our state government. This high proportion of state employees suggests inefficiencies that strain the state budget and divert resources from more productive uses. By streamlining the government workforce, Wyoming can enhance its economic competitiveness, reduce tax burdens, and allocate resources more effectively to promote growth and prosperity.
To view the full report, Click Here.