Tag: state of state
Tag: state of state
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Wyoming State of the State: Fiscal Soundness Despite Setbacks in Energy Sector of Economy
Wyoming enjoys the 8th best economic outlook in the nation, according to Rich States, Poor States. This outlook has failed to translate into performance largely due to numerous macroeconomic factors and regulatory measures. The governor’s commitment to state regulatory reform, bureaucratic downsizing, and budget reform has resulted in the state weathering this storm with a strong balance sheet and low taxes. Rather than resort to higher taxes or centrally planned economic development, the continuation of a business-friendly climate is needed to incentivize further diversification and future growth of the economy.
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State of the State: New Hampshire
Despite the Granite State’s strengths and Sununu’s proposals, there remains work to be done. For example, the top marginal tax rate for corporations is a steep 8.2%; and although New Hampshire doesn’t have a personal income tax or sales tax, it does have the highest property tax burden in the nation. New Hampshire also ranks a lackluster 37th in the nation in terms of burdensome regulations according to the Pacific Research Institute. Furthermore, the recently released ALEC report Unaccountable and Unaffordable 2016 ranks the state’s pension funding level at 43rd nationally. Using a risk-free rate of return of 2.344 percent, New Hampshire’s state pensions are unfunded in excess of $13,000 per capita with a funded ratio of just 28 percent.