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ECONOMY OF NORTH AMERICA The ECONOMY of North America comprises more than 514 million people in 23 soverign states and 15 dependent territories. It is marked by a sharp division between the northern English and French speaking countries of Canada and the United States, which are among the wealthiest and most developed nations in the world, and the countries of Central America and the Caribbean that are less developed. Mexico lies in between these two extremes as a newly industrialized country or NIC, and is a part of NAFTA and the only Latin American member of the OECD |
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TENNESSEE'S ECONOMY According to U.S. Bureau of Economic Analysis, in 2005 Tennessee's gross state product was $226.502 billion, making Tennessee the 18th largest economy in the nation. In 2003, the per capita personal income was $28,641, 36th in the nation, and 91% of the national per capita personal income of $31,472. In 2004, the median household income was $38,550, 41st in the nation, and 87% of the national median of $44,472. Major outputs for the state include textiles, cotton, cattle, and electrical power. There are 90,000 cattle farms in Tennessee all together. Middle Tennessee's importance in terms of cotton production was increased as richer lands became |
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available. Large-scale
cultivation of cotton did not begin until the 1820s with the opening
of the land between the Tennessee and Mississippi Rivers. The upper
wedge of the Mississippi Delta extends into southwestern Tennessee,
and it was in this fertile section that cotton took hold. The Tennessee
income tax does not apply to salaries and wages, but most income
from stocks, bonds and notes receivable is taxable. Local sales
taxes are collected in most jurisdictions, at rates varying from
1.5% to 2.75%, bringing the total sales tax to between 8.5% and
9.75%, one of the highest levels in the nation. IntangRible property
is assessed on the shares of stock of stockholders of any loan company,
investment company, insurance company or for-profit cemetery companies.
The assessment ratio is 40% of the value multiplied by the tax rate
for the jurisdiction.Tennessee is a right to work state. |