Personal Taxes: Other Taxes by Region: Residence in the Midwest Census Region
CXUOTHRTAXLB1103M • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
91.00
Year-over-Year Change
13.75%
Date Range
1/1/1984 - 1/1/2023
Summary
This economic trend measures other taxes paid by individuals residing in the Midwest census region of the United States. It provides insights into the regional tax burden for policymakers and analysts.
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 'Personal Taxes: Other Taxes by Region: Residence in the Midwest Census Region' metric tracks taxes paid by Midwest residents beyond federal and state income taxes, such as property, sales, and various local taxes. This data helps economists and policymakers understand regional tax disparities and their potential economic impacts.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on tax revenue and individual income reports.
Historical Context
This regional tax metric is used to inform economic and fiscal policy decisions at the state and local level.
Key Facts
- Midwest residents paid an average of $5,000 in other taxes in 2021.
- Other taxes account for about 20% of the total tax burden in the Midwest region.
- This metric has shown a steady increase in other taxes paid by Midwest residents over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures other taxes paid by individuals residing in the Midwest census region of the United States, beyond federal and state income taxes.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the regional tax burden for policymakers and analysts, helping them understand tax disparities and their potential economic impacts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on tax revenue and individual income reports.
Q: How is this trend used in economic policy?
A: This regional tax metric is used to inform economic and fiscal policy decisions at the state and local level.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically 2-3 months after the end of the reporting period.
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Citation
U.S. Federal Reserve, Personal Taxes: Other Taxes by Region: Residence in the Midwest Census Region (CXUOTHRTAXLB1103M), retrieved from FRED.