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The rankings are in for which U.S. governors have the best – and worst – records when it comes to fiscal responsibility.
The Cato Institute released its biennial Fiscal Policy Report Card on America's Governors for 2024 this week, scoring each state leader according to how much they raised or lowered taxes, and whether they slashed spending or ramped it up.
Here are the most fiscally responsible governors in the nation, according to the libertarian-leaning think tank:
1. Gov. Kim Reynolds (R) – Iowa
Kim Reynolds, governor of Iowa, speaks during a campaign event in Ankeny, Iowa, US, on Sunday, Jan. 14, 2024. (Rachel Mummey/Bloomberg via Getty Images / Getty Images)
Iowa Gov. Kim Reynolds topped the list for the second time in a row with a high score of 81, making her one of six governors to earn an "A" grade in the study.
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The report, authored by Cato's Kilts Family Chair in Fiscal Studies Chris Edwards, hailed Reynolds' track record as "a lean budgeter and dedicated tax reformer since entering office in 2017."
Reynolds also beat her own scoring record this year, after ranking No. 1 in Cato's 2022 report with a score of 78.
2. Gov. Jim Pillen (R) – Nebraska
Nebraska Gov. Jim Pillen is seen in the Fiserv Forum on the last night of the Republican National Convention in Milwaukee, Wis., on Thursday July 18, 2024. (Tom Williams/CQ-Roll Call, Inc via Getty Images / Getty Images)
Nebraska Gov. Jim Pillen, a veterinarian by trade and an entrepreneur, came in second on the list with a score of 77.
The report hailed Pillen for cutting "the corporate tax rate and top individual income tax rate from a planned 5.84 percent to 3.99 percent, to be phased in by 2027."
WHAT WERE THE BIGGEST BUDGET DEFICITS IN US HISTORY?
It added that Pillen "also ended taxes on Social Security benefits, allowed businesses to expense their equipment purchases, and achieved major property tax reductions."
3. Gov. Jim Justice (R) – West Virginia
West Virginia Gov. Jim Justice speaks on stage with his dog, Babydog on the second day of the Republican National Convention at the Fiserv Forum on July 16, 2024 in Milwaukee, Wisconsin. (Chip Somodevilla/Getty Images / Getty Images)
West Virginia Gov. Jim Justice ranked as third-most fiscally responsible state leader with a score of 71. The entrepreneur became governor as a Democrat in 2016 and switched parties to the GOP a year later.
Cato's study praised Justice for pushing for income tax reductions, and joining forces with the legislature to pass the "largest tax cut in West Virginia history" last year.
4. Gov. Sarah Huckabee Sanders (R) – Arkansas
Arkansas Gov. Sarah Huckabee Sanders speaks on stage on the second day of the Republican National Convention at the Fiserv Forum on July 16, 2024 in Milwaukee, Wisconsin. (Scott Olson/Getty Images / Getty Images)
Arkansas Gov. Sarah Huckabee Sanders landed No. 4 in the rankings with a score of 69.
The report touted the series of tax reforms the state has implemented since her election in 2022, slashing individual and corporate income tax rates while building one of the largest rainy day funds in the country.
5. Gov. Kristi Noem (R) – South Dakota
South Dakota Gov. Kristi Noem speaks on stage on the first day of the Republican National Convention at the Fiserv Forum on July 15, 2024 in Milwaukee, Wisconsin. (Chip Somodevilla/Getty Images / Getty Images)
South Dakota Gov. Kristi Noem rounded out the top five, tying Arkansas' governor with a score of 69.
The report praised Noem for maintaining the low-tax policies of one of the freest states in the U.S., and her record of consistently proposing flat budgets.
Which governors have the worst fiscal records?
Cato's report highlighted which governors have the worst tax-and-spend records, too.
Democratic vice presidential nominee and Minnesota Gov. Tim Walz came in dead last with a score of 19, earning an "F" grade along with five of his fellow Democrats.
Democratic vice presidential candidate Gov. Tim Walz is facing continued scrutiny over his connections to China. (Andrew Harnik/Getty Images / Getty Images)
Wisconsin Gov. Tony Evers also received a failing grade for his score of 34, followed by Delaware Gov. John Carney, Washington Gov. Jay Inslee, and Maine Gov. Janet Mills, all of whom received scores of 31.
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Gov. Kathy Hochul of New York scored a 29, which was the second-lowest behind Walz.
