State Government Tax Collections, Total Income Taxes in Massachusetts
MATLINCTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
28,425,442.00
Year-over-Year Change
103.67%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures total income tax collections by the state government of Massachusetts. It provides important insights into the fiscal health and revenue sources of the state.
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 Income Taxes in Massachusetts series tracks the total amount of personal and corporate income taxes collected by the Massachusetts state government. This data is a key indicator of the state's economic performance and tax policy.
Methodology
The data is collected and reported by the U.S. Census Bureau.
Historical Context
Policymakers and analysts use this trend to assess Massachusetts' fiscal condition and make informed decisions about tax policy and spending.
Key Facts
- Massachusetts relies heavily on income taxes for state revenue.
- Income tax collections peaked in Massachusetts in 2019.
- The COVID-19 pandemic caused a sharp decline in Massachusetts income tax revenue in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of personal and corporate income taxes collected by the Massachusetts state government.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the fiscal health and revenue sources of the state of Massachusetts, which is useful for policymakers and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess Massachusetts' fiscal condition and make informed decisions about tax policy and spending.
Q: Are there update delays or limitations?
A: The data is published on a regular basis by the Census Bureau, but there may be some delays in reporting due to the time required to collect and process the information.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Total Income Taxes in Massachusetts (MATLINCTAX), retrieved from FRED.