Published by Vermont Business Magazine, May 6, 2016 – Vermont once again finished 49th on “2016 Rich States, Poor States” national ranking. New York was 50th. Vermont and New York consistently have competed for the bottom two spots over the years. Utah earned the top spot for states with the best economic outlook, followed by North Carolina, North Dakota and Wyoming, according to the newest edition of the ranking recently released by the American Legislative Exchange Council (ALEC).
The lead author of the now ninth edition (2007-2015 data) of the ranking is Reagan-era economist Arthur Laffer. The report, despite its title, is not a snapshot of current economic performance, but of future expectations, based mainly on state tax policy. Most of the wealthiest states (based on median household income) are lower down on the “Rich States” ranking and have been since its inception. Vermont, for instance, has a higher relative household median income now than it had at the beginning of the ranking, despite being what “Rich States” would suggest is a “poor” one.
As with Vermont, the wealthier states tend to have higher taxes and higher costs of living than the states with lower incomes. The “Rich States” in this ranking tend to have mid-range incomes and low taxes. New Hampshire again being the outlier.
For the full article please visit: http://vermontbiz.com/news/may/vermont-again-49th-rich-states-poor-states-ranking.
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