The economic future for most of the states of the West remains buoyant, despite the impact of Covid-19 and subsequent national economic shutdown.
That’s according to a new report issued by the American Legislative Exchange Council called Rich States, Poor States. The report predicts future economic growth based on a series of variables, including tax policies, wages, and debt service as a share of tax revenue. Using those measures, four of the top ten states - Utah, Wyoming, Nevada, and Texas - are in the West; with another three states - Idaho, Arizona, and Colorado - placing between 11th and 20th in the rankings. New Mexico placed 38th on the list, while the bottom ten states were nearly all in the East or Midwest. Arizona was given high marks for its corporate income tax rates, property taxes, and workers compensation costs, among other factors; while Colorado was also lauded for its corporate income tax rate, estate and inheritance tax rate; and workers compensation costs. New Mexico was ranked high for its property tax burden rates and estate and inheritance tax rates. A press release accompanying the report said that low-income states in the last year proved themselves to be “more economically competitive and better positioned for wage growth, job creation, and domestic in-migration compared to states with higher taxes and government spending.” Based in Arlington, Virginia, the American Legislative Exchange Council is a free market organization made up of state legislators across the country. By Garry Boulard
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