State Government Tax Collections, Total Sales and Gross Receipts Taxes in Connecticut
CTSLGRTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
9,177,916.00
Year-over-Year Change
35.81%
Date Range
1/1/1942 - 1/1/2024
Summary
The 'State Government Tax Collections, Total Sales and Gross Receipts Taxes in Connecticut' series measures the total sales and gross receipts tax revenues collected by the Connecticut state government. This metric is a key indicator of economic activity and consumer spending in the state.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This series tracks the total sales and gross receipts taxes collected by the Connecticut state government. These taxes are levied on the sale of goods and services and provide a significant portion of the state's total tax revenue. Economists and policymakers use this data to analyze trends in consumer demand, business activity, and the overall fiscal health of the state.
Methodology
The data is collected and reported by the U.S. Census Bureau through its annual survey of state and local government finances.
Historical Context
This trend is closely monitored by Connecticut policymakers and economists to assess the state's economic conditions and inform fiscal policy decisions.
Key Facts
- Connecticut levies a 6.35% state sales tax.
- Sales and gross receipts taxes account for nearly 50% of Connecticut's total tax revenue.
- Tax collections reached a high of $5.7 billion in 2022.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total sales and gross receipts taxes collected by the Connecticut state government, providing an indicator of economic activity and consumer spending in the state.
Q: Why is this trend relevant for users or analysts?
A: This trend is closely watched by economists and policymakers to assess Connecticut's fiscal health and guide economic and tax policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and reported annually by the U.S. Census Bureau through its survey of state and local government finances.
Q: How is this trend used in economic policy?
A: Connecticut policymakers and economists monitor this trend to evaluate the state's economic conditions and inform fiscal policy decisions, such as budgeting and tax policy.
Q: Are there update delays or limitations?
A: The data is published annually with a delay of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Total Sales and Gross Receipts Taxes in Connecticut (CTSLGRTAX), retrieved from FRED.