However, ac- Over $11 billion in revenue came from the state’s general cording to the report by the Nevada Resort Association, the sales tax of 7%, which is tied for the second-highest state tax total of all state general fund tax revenue generated by the rate in the nation, while another $3.4 billion came from selec- hotel and casino industry was over $1.9 billion in FY 2022, tive excise taxes. [...] According to the New Hampshire De- to a report from Tourism Economics, $160 million of the state partment of Revenue Administration, these other taxes in- tax revenue was attributable to tourism, or approximately cluded a meals and rentals tax worth $329 million, a real es- 7.6%.23 tate transfer tax revenue of about $213 million, and a Medi- South Dakota is one of the most sales tax-reliant states. [...] The franchise tax is essentially a tax on doing Furthermore, according to an analysis by the Tax Founda- business in the state of Tennessee. [...] It is calculated as a per- tion, South Dakota has the third-largest sales tax breadth, at centage of a business’ net worth, and it generated $1.2 billion 53.9% of personal income.25 The median sales tax breadth in in FY 2021.18 (Until recently, it was a tax on the greater of the U. [...] fact, relies on a combination of sales tax rate hikes and boost- The highest state sales tax in the United States in 2024, ed economic growth projections to make up some of the lost BADGER INSTITUTE POLICY BRIEF 7 according to the Tax Foundation, is 7.25% in California.
Authors
- Pages
- 13
- Published in
- United States of America
Table of Contents
- By Wyatt Eichholz 2
- States with substantial 3
- Alaska 1053400 11 5251869 57 2872845 31 9178114 3
- Florida 49314384 43 43289558 38 21425617 19 114029559 3
- Nevada 10416344 56 6405961 34 1837950 10 18660255 3
- N. Hampshire 3213039 35 3659889 40 2214427 24 9087355 3
- S. Dakota 2149543 41 1995166 38 1060371 20 5205080 3
- Tennessee 19977968 48 17242658 41 4493977 11 41714603 3
- Texas 65377430 34 84731332 44 43681003 23 193789765 3
- Wisconsin 22300918 49 13991679 31 9035979 20 45328576 3
- Wyoming 1874876 29 3089280 48 1411217 22 6375373 3
- The tourism and gaming factor 4
- Taxing business and property 5
- Balancing income taxes with 6
- Under what circumstances 6
- Personal 6
- 40.5 6
- General sales 6
- 28.6 6
- Corporate income tax 11.3 6
- Selective excises 12.6 6
- Other 7 6
- The expenditure side 8
- Rank 8
- State direct 8
- Alaska 11551 1 8
- Wyoming 8293 5 8
- Minnesota 5700 22 8
- South Dakota 5395 27 8
- Indiana 5224 29 8
- Wisconsin 5149 31 8
- Illinois 5068 32 8
- New Hampshire 5062 33 8
- Ohio 5025 34 8
- Michigan 4772 41 8
- Texas 4355 45 8
- Tennessee 4002 47 8
- Florida 3669 48 8
- Nevada 3271 50 8
- U.S. average 5336 8
- Rank 9
- State and local direct general expenditure 9
- Alaska 18719 1 9
- Wyoming 17175 2 9
- Minnesota 12010 12 9
- Illinois 10990 20 9
- Wisconsin 10340 27 9
- Ohio 10274 29 9
- Indiana 9809 33 9
- Michigan 9750 34 9
- South Dakota 9656 35 9
- Texas 9579 37 9
- New Hampshire 9477 39 9
- Florida 8816 44 9
- Nevada 8279 47 9
- Tennessee 8062 49 9
- U.S. Average 11087 9
