| According to the 2004 U.S. Bureau of
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| | markets are Boston, Montreal and the New
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| Economic Analysis report, Vermont’s
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| | York metropolitan area. In the summer,
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| gross state product was $22.1 billion.
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| | resort towns like Stowe, Manchester, and
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| The per capita personal income was
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| | Woodstock draw visitors looking for a
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| $32,770 in 2004.
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| | mountain vacation. Resorts, hotels,
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| Over the past two centuries, Vermont has
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| | restaurants, shops and attractions employ
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| had both population explosions and
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| | many people year-round.
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| population busts. First settled by
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| | Numerous summer camps contribute to
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| farmers, loggers and hunters, Vermont
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| | Vermont's economy. Trout fishing, lake
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| lost much of its population as farmers
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| | fishing and even ice fishing draw outdoor
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| moved west into the Great Plains in
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| | enthusiasts to the state, as does the
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| search of abundant, easily tilled land.
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| | excellent hiking on the Long Trail.
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| Logging similarly fell off as
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| | Several noteworthy horse shows are annual
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| over-cutting and the exploitation of
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| | events. Golf courses are springing up
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| other forests made Vermont's forest less
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| | with spas to service the weary client.
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| attractive. Although these population
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| | One major fashion outlet mall isn't
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| shifts devastated Vermont's economy, the
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| | really a mall but the old town of
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| early loss of population had the
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| | Manchester gentrified.
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| beneficial effect of allowing Vermont's
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| | The towns of Rutland and Barre are the
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| land and forest to recover. The
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| | traditional centers of marble and granite
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| accompanying lack of industry has allowed
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| | quarrying and carving in the U.S. For
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| Vermont to avoid many of the ill-effects
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| | many years Vermont was also the
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| of 20th century industrial busts, effects
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| | headquarters of the smallest union in the
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| that still plague neighboring states.
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| | U.S., the Stonecutters Association, of
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| Today, most of Vermont's forests consist
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| | about 500 members.
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| of second-growth.
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| | In recent years, Vermont has been deluged
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| Of the remaining industries, dairy
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| | with plans to build condos and houses on
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| farming is the primary source of
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| | what was relatively inexpensive,
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| agricultural income.
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| | untouched land. Vermont's government has
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| An important and growing part of
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| | responded with a series of laws
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| Vermont's economy is the manufacture and
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| | controlling development and with some
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| sale of artisan foods, fancy foods, and
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| | pioneering initiatives to prevent the
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| novelty items trading in part upon the
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| | loss of Vermont's dairy industry.
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| Vermont "brand" which is managed by the
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| | In 2001, Vermont produced 275,000 gallons
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| Vermont Secretary of Agriculture and
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| | (1,040,000 l) of maple syrup, about
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| fiercely defended by the Vermont
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| | one-quarter of U.S. production. The
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| Secretary of State and Attorney General.
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| | Vermont Department of Agriculture
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| Examples of these specialty exports
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| | maintains a rating standard for maple
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| include Cabot Cheese, the Vermont Teddy
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| | syrup that is higher than the U.S.
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| Bear Company, Fine Paints of Europe,
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| | Department of Agriculture's, all other
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| Vermont Butter and Cheese Company,
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| | states, and Canada.
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| several micro breweries, ginseng growers,
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| | Vermont collects personal income tax in a
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| Burton Snowboards, Lake Champlain
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| | progressive structure of five different
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| Chocolates, King Arthur Flour, and Ben
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| | income brackets, ranging from 3.6% to
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| and Jerry's Ice Cream. Vermont's Agency
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| | 9.5%. Vermont's general sales tax rate is
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| of Agriculture, Food & Markets maintains
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| | 6%. The tax is imposed on sales of
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| the highest dairy standards in the U.S.
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| | tangible personal property, amusement
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| Only France's Minister of Agriculture,
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| | charges, fabrication charges, some public
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| Food, Fishing and Rural Affairs (see
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| | utility charges and some service
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| Minister of Agriculture (France)) has
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| | contracts. There are 46 exemptions from
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| standards for butterfat content equal to
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| | the tax which include medical items,
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| Vermont's.
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| | food, manufacturing machinery, equipment
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| Captive insurance plays an increasingly
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| | and fuel, residential fuel and
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| large role in Vermont's economy. With
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| | electricity, clothing, and shoes with a
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| this form of alternative insurance, large
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| | purchase price of $110 or less. A use tax
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| corporations or industry associations
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| | is imposed on the buyer at the same rate
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| form standalone insurance companies to
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| | as the sales tax. The buyer pays the use
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| insure their own risks, thereby
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| | tax when the sellers fails to collect the
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| substantially reducing their insurance
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| | sales tax or the items are purchased from
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| premiums and gaining a significant
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| | a source where no tax is collected. The
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| measure of control over types of risks to
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| | use tax applies to items taxable under
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| be covered. There are also significant
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| | the sales tax. Property taxes are imposed
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| tax advantages to be gained from the
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| | for the support of education and
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| formation and operation of captive
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| | municipal services. Vermont does not
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| insurance companies. According to the
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| | assess tax on intangible personal
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| Insurance Information Institute, Vermont
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| | property. Vermont does not collect
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| in 2004 was the world's third-largest
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| | inheritance taxes; however, its estate
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| domicile for captive insurance companies,
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| | tax is decoupled from the federal estate
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| following Bermuda and the Cayman Islands.
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| | tax laws and therefore the state still
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| Tourism is the state's largest industry.
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| | imposes its own estate tax.
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| In the winter, world famous ski resorts
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| | Vermont is the only one of the 48
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| like Stowe, Killington Ski Resort, Mad
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| | contiguous states without a Target store.
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| River Glen, Sugarbush, Stratton, Jay
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| | It is also the only state within the
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| Peak, Okemo, and Bromley draw skiers from
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| | entire United States whose state capital
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| around the globe, although their largest
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| | does not have a McDonald's restaurant.
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