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The 2006
total gross state
product was $232 billion. If Arizona (and each
of the other US states) were an independent country
along with all existing countries (2005), it would
have the 61st largest economy in the
world (CIA
- The World Factbook). This figure gives Arizona
a larger economy than such countries as
Ireland,
Finland, and
New Zealand. Arizona
currently has the 21st largest economy
among states in the United
States.
The state's
per capita income
is $27,232, 39th in the U.S. Early in its
history, Arizona's economy relied on the "Five C's",
cotton,
cattle, citrus, and
climate (tourism).
At one point Arizona was the largest producer of
cotton in the country. Copper is still extensively
mined from many expansive open-pit and underground
mines, accounting for two-thirds of the nation's
output.
Employment
The state
government is Arizona's largest employer, while
Wal-Mart is the state's
largest private employer, with 17,343 employees
(2003).
In 2001,
161,166 Arizonans were employed in the high-tech
sector, accounting for about 8.3% of total
private-sector employment of more than 1.9 million.
High-tech payroll in 2001 was $2.2 billion, or 14.7%
of the private-sector total. High-tech employment
was led by software
and
computers, with 34,314;
electronics components manufacturing, 30,358;
aerospace manufacturing,
25,641; architectural and engineering services,
21,378; telecommunications, 21,224; and instruments
manufacturing, 13,056.
Taxation
Arizona
collects personal income taxes
in five brackets: 2.87%, 3.20%, 3.74%, 4.72% and
5.04%.
|
Single |
Tax Rate |
Joint |
Tax Rate |
|
0 - $10,000 |
2.870% |
0 - $20,000 |
2.870% |
|
$10,000 -
$25,000 |
3.200% |
$20,001 -
$50,000 |
3.200% |
|
$25,000 -
$50,000 |
3.740% |
$50,001 -
$100,000 |
3.740% |
|
$50,000 -
$150,001 |
4.720% |
$100,000 -
$300,001 |
4.720% |
|
$150,001 + |
5.040% |
$300,001 + |
5.040% |
Arizona
Transaction Privilege Tax (sales) and Use tax rates
generally are 6.3%.
The state
rate on transient lodging (hotel/motel)
is 7.27%. The state of Arizona does not levy a state
tax on food for home consumption or on drugs
prescribed by a licensed
physician or
dentist.
However, some cities in Arizona do levy a tax on
food for home consumption.
All fifteen
Arizona counties levy a tax.
Incorporated
municipalities also levy transaction privilege taxes
which, with the exception of their hotel/motel tax,
are generally in the range of 1-to-3%. These added
assessments could push the combined sales
tax rate to as high as
10.7%.
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