Personal Taxes: State and Local Income Taxes by Region: Residence in the Midwest Census Region
CXUSTATETAXLB1103M • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,546.00
Year-over-Year Change
434.87%
Date Range
1/1/1984 - 1/1/2023
Summary
This economic trend measures state and local income taxes paid by residents in the Midwest Census Region of the United States. It provides insights into the tax burden faced by individuals in this geographic area.
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: State and Local Income Taxes by Region: Residence in the Midwest Census Region series tracks the average state and local income taxes paid by individuals living in the Midwest, one of the four major Census regions. This data is useful for analyzing regional tax differences and the tax environment faced by consumers and businesses.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using tax return information.
Historical Context
This trend is relevant for policymakers, economists, and businesses analyzing regional tax policies and their economic impacts.
Key Facts
- The Midwest Census Region includes 12 states, including Illinois, Indiana, and Ohio.
- State and local income taxes are a significant component of the overall tax burden for many Midwest residents.
- Tax policies can influence business and individual migration patterns within the United States.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average state and local income taxes paid by residents living in the Midwest Census Region of the United States.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the tax environment faced by consumers and businesses in the Midwest, which is useful for policymakers, economists, and regional analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using tax return information.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers and economists to analyze regional tax policies and their economic impacts on businesses and individuals.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 2-3 month lag, and may be subject to revisions by the source agency.
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Citation
U.S. Federal Reserve, Personal Taxes: State and Local Income Taxes by Region: Residence in the Midwest Census Region (CXUSTATETAXLB1103M), retrieved from FRED.