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Kentucky's Economics
Home » Kentucky » Kentucky - Overview and History » Kentucky's EconomicsThe primary money-makers for Kentucky are both agricultural and industrial. Among its industrial resources are chemical products, tobacco products, coal, tourism, food processing, and several types of machinery and equipment. Among its agricultural resources are cattle, horses, hogs, dairy products, soybeans, and other foods. Because of this variety of the state’s outputs, they grossed $129 billion in 2003.
Taxes in Kentucky, of course, make up much of the state and local government revenue. Based on the tax bracket of an individual, he or she may pay anything from 2% to 6% of their personal income. Also, a property tax of determined real property and intangible property is imposed by the state on all individuals. These property taxes now cover about 6% of the state’s yearly General Fund monies. Kentucky also makes money on their sales tax, which is currently 6%.
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