The Tax Foundation has just released the 2016 edition of its Facts and Figures publication which compares the tax and spending policies of all 50 states. Whether you’re looking for a given state’s sales tax rate or how much state debt per capita a state has, you can easily find the answer in this publication. More importantly one can quickly see how South Dakota compares to other states that you are competing against on a project.
All of the 39 tables included in this publication also include a 50 state ranking. For example, Chart #1, “Tax Freedom Day” shows that in South Dakota your average worker has to work from January 1st through April 8th to pay all federal , state, and local taxes for the calendar year. This is the third earliest Tax Freedom Day among all 50 states. Only Louisiana and Mississippi have an earlier Tax Freedom Day.
Some other interesting findings include:
- South Dakota has the 3rd lowest state & local tax burden as a percentage of per capita income
- South Dakota has the 2nd best business tax climate (behind Wyoming)
- Of the 45 states with a sales tax, only CO has a lower state rate (2.9%) than SD’s 4.0% state rate
- SD’s beer excise tax of 27 cents per gallon is the 22nd highest in the nation
There’s a lot of easily accessible information in this publication, useful for economic development. A quick thumb through will bring you up to date on common tax facts, especially where South Dakota is concerned.
Did you find any surprising or interesting tax facts & figures? Let us know in the comments section!