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Wyoming Is America's Wealth-Friendliest State says Bloomberg Magazine

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  • Dennis Lee Wilson
    I saw this article from a news service and think it important enough that it should be posted in the Essays and Articles section of the web site. Thank you,
    Message 1 of 2 , Aug 1, 2003
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      I saw this article from a news service and think it important enough
      that it should be posted in the Essays and Articles section of the
      web site.

      Thank you,

      Dennis Wilson, member (in Arizona)

      http://www.prnewswire.com/cgi-bin/stories.pl?
      ACCT=SVBIZINK4.story&STORY=/www/story/06-02-
      2003/0001957352&EDATE=MON+Jun+02+2003,+10:09+AM

      Financial Services News






      Wyoming Is America's Wealth-Friendliest State, Says Annual Ranking In
      Bloomberg Wealth Manager Magazine




      Rhode Island Earns Dubious Distinction as 'Most Wealth-Hostile'
      As Struggling States Raise Taxes

      http://wealth.bloomberg.com

      NEW YORK, June 2 /PRNewswire/ -- Call it America's own tax
      haven. With budget shortfalls forcing most states to cut services or
      raise taxes, Wyoming reigns as America's most "wealth-friendly"
      state, according to an annual survey in Bloomberg Wealth Manager
      magazine.
      Bloomberg Wealth Manager is Bloomberg's monthly magazine
      targeting the needs of financial planners and investment advisers who
      counsel the affluent.
      For the sixth year in a row, the Cowboy State leads the nation
      when it comes to letting families keep more of what they earn and
      own. But Rhode Island earns the dubious distinction as America's
      most "wealth-hostile" state for the third straight year, according to
      the magazine's exclusive survey (Editor's Note: Complete state-by-
      state rankings follow this press release).
      Bloomberg Wealth Manager also warns that rich Americans will bear
      the brunt as states raise taxes to compensate for vanishing revenues
      and severe budget problems.
      "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," reports Tom Saler, who wrote the story for
      Bloomberg Wealth Manager. "Wealth-friendly locales are becoming
      harder to find."
      Other states earning high marks for "wealth-friendliness" are
      Alabama (#2), Nevada (#3), Tennessee (#4), and Louisiana. The
      most "wealth-hostile", after Rhode Island, include Vermont (ranked
      #48 in wealth-friendliness), Wisconsin (#47), New York (#46), and
      Maine (#45).
      For the annual "wealth-friendliness" survey, Bloomberg Wealth
      Manager compared the impact of state taxes on salary, real estate,
      personal property, and retirement assets for four hypothetical
      families. The editors ran exhaustive research on tax codes and
      effects in each state.
      The results vividly demonstrate how tax bite can vary from state
      to state - and how each state's burden can change depending on the
      nature of one's assets. For example, the identical set of financial
      parameters that generated a tax bill of $10,504 last year in tax-
      friendly Wyoming could have cost a family $68,583 in tax-hell Rhode
      Island.
      In measuring the tax bite of each state, the magazine once again
      found significant inequities just across state lines. Wyoming's
      neighbor to the north, Montana, was #6 among the most "wealth-
      hostile" states, with a "D" grade overall for wealth-friendliness.

      About Bloomberg Wealth Manager
      BLOOMBERG WEALTH MANAGER magazine is the premier professional
      information
      resource for independent financial planners and investment advisers
      who are
      serving clients of high net worth.
      For financial planners who qualify, a subscription is available
      free by
      visiting http://wealth.bloomberg.com.

      About Bloomberg L.P.
      Bloomberg news and information is used by more than 200,000
      financial
      professionals (the Bloomberg Professional Service), 8 million radio
      listeners
      (Bloomberg Radio), more than 200 million Bloomberg Television homes
      and
      Bloomberg News' millions of readers in 350 newspapers around the
      world.
      The company publishes three magazines in the U.S. for consumers
      and
      professionals. BLOOMBERG(R) WEALTH MANAGER is published for money
      managers and
      advisers; BLOOMBERG(R) MARKETS is a business magazine for investment
      professionals and complements the BLOOMBERG PROFESSIONAL service; and
      On
      Investing(R) is a personal investment magazine produced exclusively
      for
      Charles Schwab's top-tier clients. Bloomberg also publishes, in
      conjunction
      with local partners, BLOOMBERG MONEY(TM) in the U.K. and BLOOMBERG
      INVESTMENTI(TM) in Italy.
      Bloomberg's Web site, http://www.bloomberg.com, draws its content
      from
      BLOOMBERG NEWS and the BLOOMBERG PROFESSIONAL service.

      Overall "Wealth Friendly" Ranking and Grade of All 50 States and
      District
      of Columbia

      Alabama 2* A+
      Alaska 7 A
      Arizona 9 A-
      Arkansas 18 B
      California 36* D+
      Colorado 6 A
      Connecticut 34 C-
      Delaware 8 A-
      District of Columbia 33 C-
      Florida 10 A-
      Georgia 17 B
      Hawaii 14 B+
      Idaho 35 C-
      Illinois 31 C
      Indiana 19 B
      Iowa 32 C-
      Kansas 38 D+
      Kentucky 24 C+
      Louisiana 4 A
      Maine 45 D-
      Maryland 15 B+
      Massachusetts 22 B-
      Michigan 25 C+
      Minnesota 40 D
      Mississippi 13 B+
      Missouri 30 C
      Montana 44 D-
      Nebraska 43 D-
      Nevada 2* A+
      New Hampshire 11 A-
      New Jersey 39 D
      New Mexico 29 C
      New York 46 D-
      North Carolina 36* D+
      North Dakota 37 D+
      Ohio 41 D
      Oklahoma 28 C
      Oregon 42 D
      Pennsylvania 23 B-
      Rhode Island 49 F
      South Carolina 20 B-
      South Dakota 12 B+
      Tennessee 3 A+
      Texas 26 C+
      Utah 16 B
      Vermont 48 F
      Virginia 21 B-
      Washington 5 A
      West Virginia 27 C+
      Wisconsin 47 F
      Wyoming 1 A+

      *indicates tie
    • Craig Wright
      I ll point out New Hampshire has an A- and it is ranked number 11. :) -craig. ...
      Message 2 of 2 , Aug 8, 2003
      • 0 Attachment
        I'll point out New Hampshire has an A- and it is ranked number 11. :)

        -craig.

        On Friday, August 1, 2003, at 11:12 PM, Dennis Lee Wilson wrote:

        > I saw this article from a news service and think it important enough
        > that it should be posted in the Essays and Articles section of the
        > web site.
        >
        > Thank you,
        >
        > Dennis Wilson, member (in Arizona)
        >
        > http://www.prnewswire.com/cgi-bin/stories.pl?
        > ACCT=SVBIZINK4.story&STORY=/www/story/06-02-
        > 2003/0001957352&EDATE=MON+Jun+02+2003,+10:09+AM
        >
        > Financial Services News
        >
        >
        >
        >
        >
        >
        > Wyoming Is America's Wealth-Friendliest State, Says Annual Ranking In
        > Bloomberg Wealth Manager Magazine
        >
        >
        >
        >
        >        Rhode Island Earns Dubious Distinction as 'Most Wealth-Hostile'
        >                        As Struggling States Raise Taxes
        >
        >                          http://wealth.bloomberg.com
        >
        >     NEW YORK, June 2 /PRNewswire/ -- Call it America's own tax
        > haven.  With budget shortfalls forcing most states to cut services or
        > raise taxes, Wyoming reigns as America's most "wealth-friendly"
        > state, according to an annual survey in Bloomberg Wealth Manager
        > magazine.
        >     Bloomberg Wealth Manager is Bloomberg's monthly magazine
        > targeting the needs of financial planners and investment advisers who
        > counsel the affluent.
        >     For the sixth year in a row, the Cowboy State leads the nation
        > when it comes to letting families keep more of what they earn and
        > own.  But Rhode Island earns the dubious distinction as America's
        > most "wealth-hostile" state for the third straight year, according to
        > the magazine's exclusive survey (Editor's Note:  Complete state-by-
        > state rankings follow this press release).
        >     Bloomberg Wealth Manager also warns that rich Americans will bear
        > the brunt as states raise taxes to compensate for vanishing revenues
        > and severe budget problems.
        >     "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," reports Tom Saler, who wrote the story for
        > Bloomberg Wealth Manager.  "Wealth-friendly locales are becoming
        > harder to find."
        >     Other states earning high marks for "wealth-friendliness" are
        > Alabama (#2), Nevada (#3), Tennessee (#4), and Louisiana.   The
        > most "wealth-hostile", after Rhode Island, include Vermont (ranked
        > #48 in wealth-friendliness), Wisconsin (#47), New York (#46), and
        > Maine (#45).
        >     For the annual "wealth-friendliness" survey, Bloomberg Wealth
        > Manager compared the impact of state taxes on salary, real estate,
        > personal property, and retirement assets for four hypothetical
        > families.  The editors ran exhaustive research on tax codes and
        > effects in each state.
        >     The results vividly demonstrate how tax bite can vary from state
        > to state - and how each state's burden can change depending on the
        > nature of one's assets. For example, the identical set of financial
        > parameters that generated a tax bill of $10,504 last year in tax-
        > friendly Wyoming could have cost a family $68,583 in tax-hell Rhode
        > Island.
        >     In measuring the tax bite of each state, the magazine once again
        > found significant inequities just across state lines. Wyoming's
        > neighbor to the north, Montana, was #6 among the most "wealth-
        > hostile" states, with a "D" grade overall for wealth-friendliness.
        >
        >     About Bloomberg Wealth Manager
        >     BLOOMBERG WEALTH MANAGER magazine is the premier professional
        > information
        > resource for independent financial planners and investment advisers
        > who are
        > serving clients of high net worth.
        >     For financial planners who qualify, a subscription is available
        > free by
        > visiting http://wealth.bloomberg.com.
        >
        >     About Bloomberg L.P.
        >     Bloomberg news and information is used by more than 200,000
        > financial
        > professionals (the Bloomberg Professional Service), 8 million radio
        > listeners
        > (Bloomberg Radio), more than 200 million Bloomberg Television homes
        > and
        > Bloomberg News' millions of readers in 350 newspapers around the
        > world.
        >     The company publishes three magazines in the U.S. for consumers
        > and
        > professionals. BLOOMBERG(R) WEALTH MANAGER is published for money
        > managers and
        > advisers; BLOOMBERG(R) MARKETS is a business magazine for investment
        > professionals and complements the BLOOMBERG PROFESSIONAL service; and
        > On
        > Investing(R) is a personal investment magazine produced exclusively
        > for
        > Charles Schwab's top-tier clients. Bloomberg also publishes, in
        > conjunction
        > with local partners, BLOOMBERG MONEY(TM) in the U.K. and BLOOMBERG
        > INVESTMENTI(TM) in Italy.
        >     Bloomberg's Web site, http://www.bloomberg.com, draws its content
        > from
        > BLOOMBERG NEWS and the BLOOMBERG PROFESSIONAL service.
        >
        >     Overall "Wealth Friendly" Ranking and Grade of All 50 States and
        > District
        >     of Columbia
        >
        > Alabama                 2*         A+       
        > Alaska                  7          A       
        > Arizona                 9          A-       
        > Arkansas               18          B        
        > California             36*         D+       
        > Colorado                6          A        
        > Connecticut            34          C-       
        > Delaware                8          A-       
        > District of Columbia   33          C-       
        > Florida                10          A-       
        > Georgia                17          B        
        > Hawaii                 14          B+       
        > Idaho                  35          C-       
        > Illinois               31          C        
        > Indiana                19          B        
        > Iowa                   32          C-       
        > Kansas                 38          D+       
        > Kentucky               24          C+       
        > Louisiana               4          A        
        > Maine                  45          D-       
        > Maryland               15          B+       
        > Massachusetts          22          B-       
        > Michigan               25          C+       
        > Minnesota              40          D        
        > Mississippi            13          B+       
        > Missouri               30          C
        > Montana          44  D-
        > Nebraska         43  D-
        > Nevada            2* A+
        > New Hampshire    11  A-
        > New Jersey       39  D
        > New Mexico       29  C
        > New York         46  D-
        > North Carolina   36* D+
        > North Dakota     37  D+
        > Ohio             41  D
        > Oklahoma         28  C
        > Oregon           42  D
        > Pennsylvania     23  B-
        > Rhode Island     49  F
        > South Carolina   20  B-
        > South Dakota     12  B+
        > Tennessee         3  A+
        > Texas            26  C+
        > Utah             16  B
        > Vermont          48  F
        > Virginia         21  B-
        > Washington        5  A
        > West Virginia    27  C+
        > Wisconsin        47  F
        > Wyoming           1  A+
        >
        >     *indicates tie
        >
        >
        >
        >
        >
        >
        >
        <image.tiff>
        >
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