Last week Christy and I were treated to an excellent discussion at our Jackson Hole Sotheby’s International Realty morning meeting about Wyoming Taxes. Every Wednesday the agents and staff at Sotheby’s get together to discuss new listings, recent sales activity, office policies and important educational seminars. This past week we had the pleasure of having Jim Gersack, VP of Wealth Management at First Interstate Back in Jackson Hole (who can be reached at 307-732-7852 or by email at email@example.com) give us an interesting presentation of the current momentum Wyoming is receiving from individuals looking to relocate their residency to Wyoming. You see, Wyoming is simply one of the top states in the country to live in if you are looking to preserve wealth and to avoid major taxes that many state impose on individuals and businesses.
So why is Wyoming so special?:
In March, 2013 Wyoming was rated as the top tax-friendly state by Barrons Penta (Barron’s Penta offers advice for families with assets of $5M or more). Residents of Wyoming reap significant tax benefits due to its tax certainty, asset and creditor protection and state budget surplus of $1 billion.
• According to a study by 24/7 Wall Street, Wyoming is the 2nd best run state with regards to account debt per capita, budget deficits, unemployment, and median household income
• Wyoming has very progressive estate and tax planning legislation with more to come
• Wyoming has $6.1 billion in their Mineral Trust Fund and nearly $1.3 billion in cash in their Legislative Stabilization Reserve Account
• Wyoming has a AAA credit rating, the highest possible (and better than the Federal Government)
• All Wyoming high school graduates have access to the Hathaway Scholarship, a state program that provides free college tuition who qualify with both merit- and needs
• And if you need more convincing, Wyoming has the lowest beer tax at just 2 cents per gallon.
When compared to higher tax states such as California, New York, Illinois or Maryland (which recently instituted a “rain tax” estimated to cost Marylanders $300 million annually) it becomes clear why Jackson Hole, Wy is experiencing a surge of tax-motivated buyers.
To learn more about Jackson Hole and some of its advantages please feel free to contact us – the Jackson Hole Real Estate Experts – at 307-413-5243 or by email at Garth.firstname.lastname@example.org