State Government Tax Collections, General Sales and Gross Receipts Taxes in Minnesota
MNSALESTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,493,198.00
Year-over-Year Change
71.85%
Date Range
1/1/1942 - 1/1/2024
Summary
This data series tracks Minnesota's state government tax collections from general sales and gross receipts taxes. It provides insight into consumer spending and economic activity in 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, General Sales and Gross Receipts Taxes in Minnesota data series measures the total revenues collected by the Minnesota state government through general sales and gross receipts taxes. This metric is a key indicator of consumer spending and overall economic conditions within the state.
Methodology
The data is collected and reported by the U.S. Census Bureau through their Quarterly Summary of State and Local Government Tax Revenue program.
Historical Context
Policymakers and analysts use this data to assess Minnesota's fiscal health and make informed decisions about tax and spending policies.
Key Facts
- Minnesota's sales tax rate is currently 6.875%.
- General sales and gross receipts taxes account for over 50% of Minnesota's state tax revenue.
- Tax collections in this category have grown by an average of 3% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This data series tracks the total revenues collected by the Minnesota state government through general sales and gross receipts taxes.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into consumer spending and overall economic conditions within the state of Minnesota, which is useful for policymakers and analysts.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through their Quarterly Summary of State and Local Government Tax Revenue program.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this data to assess Minnesota's fiscal health and make informed decisions about tax and spending policies.
Q: Are there update delays or limitations?
A: The data is reported on a quarterly basis, with some potential for minor delays in publication.
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Citation
U.S. Federal Reserve, State Government Tax Collections, General Sales and Gross Receipts Taxes in Minnesota (MNSALESTAX), retrieved from FRED.