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Economy - overview:
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The 2004 total gross state product for Washington was $262 billion, placing it 14th in the nation. The per capita income was $33,332.
Significant business within the state include the design and manufacture of jet aircraft (Boeing), computer software development (Microsoft, Amazon.com, Nintendo of America), electronics, biotechnology, aluminum production, lumber and wood products, mining, and tourism.
The state has significant amounts of hydroelectric power generation. Significant amounts of trade with Asia pass through the ports of the Puget Sound. See list of United States companies by state.
The state of Washington is one of only seven states that does not levy a personal income tax. Neither does the state collect a corporate income tax. However, Washington businesses are responsible for various other state levies. Washington's state sales tax is 6.5 percent, and it applies to services as well as products.[1] Most foods are exempt from sales tax; however, prepared foods, dietary supplements and soft drinks remain taxable. The combined state and local retail sales tax rates increase the taxes paid by consumers, depending on the variable local sales tax rates, generally between 8 and 9 percent[2]. An excise tax applies to certain select products such as gasoline, cigarettes, and alcoholic beverages. Property tax was the first tax levied in the state of Washington and its collection accounts for about 30 percent of Washington's total state and local revenue. It continues to be the most important revenue source for public schools, fire protection, library, park and recreation, and other special purpose districts.
Bill Gates (worth $53 billion) is the best known billionaire from the state, and wealthiest man in the world. Other Washington state billionaires Paul Allen, (Microsoft), Steve Ballmer (Microsoft), Jeffrey Bezos (Amazon), Craig McCaw (McCaw Cellular), James Jannard (Oakley), John Edson (leisure craft), Howard Schultz (Starbucks) and Charles Simonyi (Microsoft).
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