State Government Tax Collections, Individual Income Taxes in Idaho
IDINCTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,885,574.00
Year-over-Year Change
137.82%
Date Range
1/1/1942 - 1/1/2024
Summary
This trend measures individual income tax collections by the state government of Idaho. It is an important indicator of Idaho's fiscal health and residents' 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 Idaho Individual Income Tax Collections series tracks the total amount of income taxes paid by individuals to the state government. This data is used by economists and policymakers to analyze Idaho's tax revenue, fiscal policy, and economic trends.
Methodology
The data is collected by the Idaho State Tax Commission through individual income tax filings.
Historical Context
Fluctuations in this metric can signal changes in employment, personal income, and economic activity within Idaho.
Key Facts
- Idaho has a flat individual income tax rate of 6.5%.
- Individual income taxes account for over 50% of Idaho's total state tax revenue.
- Idaho's individual income tax collections peaked at $2.2 billion in 2019.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of individual income taxes collected by the state government of Idaho.
Q: Why is this trend relevant for users or analysts?
A: This data is important for understanding Idaho's fiscal health, tax revenue, and the economic conditions of its residents.
Q: How is this data collected or calculated?
A: The data is collected by the Idaho State Tax Commission through individual income tax filings.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this data to analyze Idaho's tax revenue, fiscal policy, and overall economic conditions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a delay of approximately 3 months.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Individual Income Taxes in Idaho (IDINCTAX), retrieved from FRED.