Greater Cheyenne Chamber of Commerce Urges Congress to Reject Federal Tax Threat to Wyoming Business

Wyoming has established a strong reputation for innovation, resilience, and economic growth. This success didn’t occur overnight; it’s the result of years of hard work by determined entrepreneurs, thoughtful policymaking and, importantly, private investment that believes in the future of our state. We’ve fostered an environment where large and small businesses have the freedom and support to grow, adapt, and thrive.

Right now, however, that future is at risk. Washington is considering a tax hike by changing how carried interest is taxed, which might sound technical on the surface, but would have real, tangible consequences for communities across Wyoming. I don’t say this lightly: Raising taxes on private equity investment will directly undermine one of the most effective engines of job creation and business development we have.

Let me explain why.

Private equity doesn’t just support Fortune 500 companies or tech giants in coastal cities. In Wyoming, it’s backing local businesses in agriculture, energy, manufacturing, and technology, industries that keep our towns running and our people employed. Today, numerous private equity-backed companies are driving growth across the state, creating real opportunities for workers, families, and future entrepreneurs.

In fact, over the past ten years, private equity has contributed nearly $3 billion to Wyoming’s GDP and directly supported around 18,000 jobs. That’s not a rounding error. That’s a lifeline. It means new storefronts in downtown Cheyenne, expanded ranching operations near Casper, and innovation hubs in places like Laramie and Sheridan. When we talk about private investment in Wyoming, we’re talking about real people building real futures.

I hear it firsthand as the President & CEO of the Greater Cheyenne Chamber of Commerce. Business owners tell me they need capital to grow, whether upgrading equipment, hiring new workers, or expanding into new markets. That capital often comes from private equity, which provides funding, expertise, mentorship, and a longer-term commitment to success. If we make it harder for that kind of investment to reach Wyoming by raising taxes on it, we’re not just hurting investors; we’re hurting our small towns, job creators, and working families.

Of course, every state has its own economic engine, but our engine relies heavily on innovation and entrepreneurship in Wyoming. We may not have the population of Texas or California, but we have the grit, the drive, and the values. What we need is the continued support of policymakers who understand that investment equals opportunity.

I urge Congress to oppose any proposals that will increase taxes overall and specifically on a critical tool of investment like carried interest. Investors don’t like uncertainty, and as the cost of investing rises, the availability of capital diminishes. That’s not theory; that’s how markets work.

If we want to remain competitive nationally and globally, Wyoming must continue to build on the momentum we’ve created. We’ve seen firsthand how access to capital transforms communities. We’ve seen how strategic investments create ripple effects: new jobs, stronger families, and more resilient local economies.

I’m not saying investors shouldn’t pay their fair share; accountability and transparency in our tax system are critical. But let’s not confuse fairness with shortsightedness. Undermining the tools that help channel capital to rural and underserved areas would do more harm than good, especially in places like Wyoming, where every dollar invested goes a long way.

Let’s not tie the hands of Wyoming’s entrepreneurs or complicate access for our manufacturers, ranchers, and innovators to essential growth resources. Instead, let’s work together, lawmakers, business leaders, and communities, to continue to promote smart policies that support the hardworking people of this state.

Wyoming has always been about independence, opportunity, and making the most of our resources. We must ensure we’re not standing in the way of our progress. 

Congress: don’t pull the rug out from under Wyoming’s economic momentum. Protect the tools that are working. Reject tax hikes and allow Wyoming to keep moving forward.

Onward and Upward, 

Dale Steenbergen

President & CEO

Greater Cheyenne Chamber of Commerce