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State of Tennessee

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Tennessee

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Tennessee is a state located in the Southeastern United States. According to the 2008 census, it has a population of 6,214,888, an increase of nearly 9.5% since 2000. Tennessee is the 14th fastest growing state in the US and is ranked 17th by population. It is ranked 36th by total land area. In 1796, it became the 16th state to join the Union. The capital and second largest city is Nashville, with a 2008 population of 626,144. The Nashville Metropolitan Area is the state\'s largest, at 1,521,437 people. Tennessee\'s largest city is Memphis, with a 2008 population of 670,902 and 1,280,533 in its metro area.

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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. As proof of interest in beef production, Tennessee has over 82,000 farms, and beef cattle are found in roughly 59 percent of the farms in the state. Although cotton was an early crop in Tennessee, large-scale cultivation of the fiber 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. Currently West Tennessee is also heavily planted in soybeans, focusing on the northwest corner of the state.

Major corporations with headquarters in Tennessee include FedEx Corporation, AutoZone Incorporated and International Paper, all based in Memphis; Pilot Corporation and Regal Entertainment Group, based in Knoxville; Eastman Chemical Company, based in Kingsport, the North American headquarters of Nissan, based in Franklin; and the head-quarters of Caterpillar Financial (the finance division of the well know mining company Caterpillar) based in Nashville. Tennessee is well-known for the location of a large manufacturing facility owned by Nissan, and has been since 1982 in Smyrna.

The Tennessee income tax does not apply to salaries and wages, but most income from stocks, bonds and notes receivable is taxable. All taxable dividends and interest which exceed the $1,250 single exemption or the $2,500 joint exemption are taxable at the rate of 6%. The state\'s sales and use tax rate for most items is 7%. Food is taxed at a lower rate of 5.5%, but candy, dietary supplements and prepared food are taxed at the full 7% rate. 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. Intangible 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 imposes an inheritance tax on decedents\' estates that exceed maximum single exemption limits ($1,000,000 for deaths 2006 and after.)

Tennessee is a right to work state, as are most of its Southern neighbors. Unionization has historically been low and continues to decline as in most of the U.S. generally.