REMI Senior Economist Peter Evangelakis, Ph.D. used the REMI Tax-PI model to simulate the fiscal impacts of economic diversification efforts in the state of Wyoming. The state wanted to look into diversification as a solution due to its current fiscal challenges, such as their heavy reliance on resource-based revenue, lack of personal or corporate taxes, and low property and sales taxes. Dr. Evangelakis displayed the impacts on Wyoming’s budget, population, and economic production that would be generated by adding 100 direct jobs into several different Wyoming industries. The analysis also simulated the revenue capture that would be brought about if the employment inputs were added to similar states’ budget frameworks in order to compare potential benefits with Wyoming’s tax structure.
REMI – Economic and Fiscal Diversification in Wyoming [full PDF]
