State Government Tax Collections, Total Taxes in South Carolina
SCTOTLTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
18,026,495.00
Year-over-Year Change
123.58%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic indicator measures the total tax revenue collected by the government of South Carolina. It is an important metric for assessing the state's fiscal health and economic conditions.
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
The State Government Tax Collections, Total Taxes in South Carolina data series tracks the aggregate amount of tax revenue received by the state government from various sources, including sales, income, property, and other taxes. This data is used by policymakers, analysts, and researchers to understand South Carolina's budgetary trends and the broader economic climate.
Methodology
The data is collected and reported by the U.S. Census Bureau through surveys of state government finance.
Historical Context
This metric is closely monitored by economists and policymakers to gauge the strength of South Carolina's economy and inform fiscal and economic policy decisions.
Key Facts
- South Carolina's total tax collections in 2021 were $15.2 billion.
- Tax revenue has grown by an average of 4.2% annually over the past decade.
- Sales and individual income taxes account for over 80% of South Carolina's total tax collections.
FAQs
Q: What does this economic trend measure?
A: The State Government Tax Collections, Total Taxes in South Carolina data series tracks the total tax revenue received by the state government from various sources, including sales, income, property, and other taxes.
Q: Why is this trend relevant for users or analysts?
A: This metric is closely monitored by economists and policymakers to gauge the strength of South Carolina's economy and inform fiscal and economic policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through surveys of state government finance.
Q: How is this trend used in economic policy?
A: Policymakers, analysts, and researchers use this data to understand South Carolina's budgetary trends and the broader economic climate, which informs fiscal and economic policy decisions.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Total Taxes in South Carolina (SCTOTLTAX), retrieved from FRED.