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Wyoming rated #1 as ‘wealth friendly’ – Montana 46th

For the sixth straight year, Wyoming is the most "wealth-friendly" state, according to Bloomberg Wealth Manager magazine.

Wyoming is "America’s own tax haven," the publication said.

"States are struggling to control the most serious financial hemorrhaging since the Great Depression. And that can only mean bad news for wealthy clients, particularly those who live in wealth-unfriendly states," wrote Tom Saler for the magazine. "Wealth-friendly locales are becoming harder to find."

The rankings are based on how much families can keep of what they earn and own.

Other states earning high marks are Alabama, Nevada, Tennessee and Louisiana. The most "wealth-hostile" are Rhode Island, Vermont, Wisconsin, New York and Maine.

For the annual survey, Bloomberg Wealth Manager compared the effect of state taxes on salary, real estate, personal property and retirement assets for four hypothetical families.

For example, the identical set of financial parameters that generated a tax bill of $10,504 in Wyoming last year would have cost a family $68,583 in Rhode Island.

Wyoming’s neighbors ranged from Colorado’s No. 6 ranking to Montana, which was No. 46, the magazine said. South Dakota was 13th, Utah 17th and Nebraska 45th.

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This study was completed before the recent Montana Legislative session- SB 407 will have a significant impact on future studies- See http://www.matr.net/article-7009.html for details- Russ

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The District of Columbia was also included in the rankings.

Wyoming, buoyed by improved minerals prices, has not substantially raised major taxes for nearly a decade, although cigarette taxes were hiked this year. The minerals industry bears the brunt of property taxes and the state has no personal income tax.

The last increase in the sales tax was in 1994 and fuels taxes were last raised in 1998.

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Copyright © The Billings Gazette, a division of Lee Enterprises.

http://www.billingsgazette.com/index.php?ts=1&display=rednews/2003/06/03/build/wyoming/30-wealth.inc

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