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Economy

The Bureau of Economic Analysis estimates that Missouri's total state product in 2003 was $195 billion. Per capita personal income in 2003 was $29,464, 27th in the nation. Major industries include aerospace, transportation equipment, food processing, chemicals, printing/publishing, electrical equipment, light manufacturing.

The agriculture products of the state are beef, soybeans, pork, dairy products, hay, hemp, corn, poultry, and eggs. Missouri is ranked 6th in the nation for the production of hogs and 7th for cattle. Missouri is ranked in the top 5 states in the nation for production of soy beans. As of 2001, there were 108,000 farms, the second largest number in any state after Texas. Missouri also actively promotes its quickly-growing wine industry.

Missouri has vast quantities of limestone. Other resources mined are lead, coal, Portland cement and crushed stone. Missouri produces the most lead of all of the states in the Union with most of these mines in the central eastern portion of the state. Missouri also ranks first or near first among the production of lime.

Tourism, services and wholesale/retail trade follow manufacturing in importance.

Personal income is taxed in 10 different earning brackets, ranging from 1.5 percent to 6.0 percent. Missouri's sales tax rate for most items is 4.225 percent. Additional local levies may apply. More than 2,500 Missouri local governments rely on property taxes levied on real property (real estate) and personal property. Some personal property is exempt, including household goods, inventories, wearing apparel and items of personal use and adornment. Exempt real estate includes property owned by governments and property used as nonprofit cemeteries, exclusively for religious worship, for schools and colleges and for purely charitable purposes. There is no inheritance tax and limited Missouri estate tax related to federal estate tax collection.

Source: Wikipedia.org - English