State Government Tax Collections, Total Income Taxes in Maine
METLINCTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,858,702.00
Year-over-Year Change
70.77%
Date Range
1/1/1942 - 1/1/2024
Summary
The 'State Government Tax Collections, Total Income Taxes in Maine' metric tracks the total income taxes collected by the Maine state government. This trend is a key indicator of economic activity and tax revenue for policymakers.
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
This metric represents the total amount of individual and corporate income taxes received by the Maine state government over a given period. It is an important economic statistic used to analyze the state's fiscal health, tax burden, and potential for policy changes.
Methodology
The data is collected directly from Maine state government revenue reporting.
Historical Context
This trend is widely monitored by economists, policymakers, and investors to assess Maine's economic and fiscal conditions.
Key Facts
- Maine has a progressive state income tax ranging from 5.8% to 7.15%.
- Income taxes account for over 50% of Maine's state government revenue.
- Total income tax collections in Maine have grown by 25% over the past decade.
FAQs
Q: What does this economic trend measure?
A: The 'State Government Tax Collections, Total Income Taxes in Maine' metric tracks the total amount of individual and corporate income taxes received by the Maine state government.
Q: Why is this trend relevant for users or analysts?
A: This metric is an important indicator of Maine's economic activity, tax burden, and fiscal health, which is closely monitored by policymakers, economists, and investors.
Q: How is this data collected or calculated?
A: The data is collected directly from Maine state government revenue reporting.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess Maine's tax revenue, evaluate potential changes to the tax code, and forecast the state's fiscal conditions.
Q: Are there update delays or limitations?
A: The data is typically published with a 1-2 month delay, and only covers the state of Maine.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Total Income Taxes in Maine (METLINCTAX), retrieved from FRED.