The Money Construct: Nebraska

Nebraska is said to be a rancher’s state, since most of its starting industries had ranches and homesteaders leading the state’s economic march during the past times. Nowadays, the winds have changed direction.

According to the Bureau of Economic Analysis, most of Nebraska’s gross state income comes from the agricultural sectors in the surrounding area. Most of the produce being exported or used within the state includes corn, soybeans, pork and beef. The industries that make up for whatever is left of the gross income is from freight and transportation, telecommunications, information and information technology, insurance and manufacturing.

The standard sales tax imposed by the state is around five and a half percent as of the recent years. Additionally, cities can opt to add and increase that sales tax, up to a maximum of one and a half percent, making it to seven percent. Real property tax is also taxable in Nebraska, unless explicitly exempted by statute. 1992, it was stated that only depcreciable personal property shall be subjected to tax and all other types of personal property will henceforth be exempted from tax. Inheritance tax is also collected by the concerned county.

Some world famous industries have their home base located here in Nebraska. Kool-Aid (that colorful juice drink) was created by Mr. Edward Perkins in Hastings, for example. Since then, Kool-Aid was made the official soft drink of Nebraska. Nebraska also celebrates a holiday made especially for this drink, tagged the Kool-Aid Days. This event is celebrated during every second weekend of the month of August.

The largest train yard in the world, Union Pacific’s Bailey Yard, is in North Platte. The state is also home to InfoUSA, West Corporation, Valmont Industries, Woodmen of the World and the Union Pacific Railroad. Sidney, Nebraska is also the official headquarters of Cabela’s, that which is a specialty retailer of all outdoor goods.