State Government Tax Collections, Insurance Premiums - Selective Sales Taxes in Washington
WAINSURTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
887,670.00
Year-over-Year Change
106.41%
Date Range
1/1/1942 - 1/1/2024
Summary
This trend measures selective sales tax collections by the state government of Washington, specifically related to insurance premiums. It provides insight into a key revenue stream for state budgets and economic activity in the insurance industry.
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, Insurance Premiums - Selective Sales Taxes in Washington' series tracks the revenue generated by Washington state through sales taxes on insurance premiums. This metric helps analysts assess the fiscal health of the state government and trends in the local insurance market.
Methodology
The data is collected by the U.S. Census Bureau through surveys of state government finances.
Historical Context
Policymakers and economists use this trend to monitor the economic conditions and tax revenues in Washington state.
Key Facts
- Washington is one of 17 states that imposes a sales tax on insurance premiums.
- This tax contributed over $500 million to Washington's state budget in 2021.
- The insurance premium tax rate in Washington is currently set at 2% of gross premiums.
FAQs
Q: What does this economic trend measure?
A: This trend measures the revenue collected by the state government of Washington through selective sales taxes on insurance premiums.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into a key revenue source for the Washington state government and helps track economic activity in the local insurance industry.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through surveys of state government finances.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to monitor the fiscal health of Washington state and the economic conditions in the local insurance market.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Census Bureau, so there may be a short delay before the most recent information is available.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Insurance Premiums - Selective Sales Taxes in Washington (WAINSURTAX), retrieved from FRED.