State Tax Collections: T40 Individual Income Taxes for Maryland
QTAXT40QTAXCAT3MDNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,964.00
Year-over-Year Change
-13.76%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend tracks individual income tax collections for the state of Maryland. It is a key indicator of state fiscal health and the strength of the local economy.
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 Tax Collections: T40 Individual Income Taxes for Maryland series measures quarterly individual income tax receipts in the state of Maryland. This data provides insights into consumer earnings, spending, and overall economic activity within the state.
Methodology
The data is collected and reported by the U.S. Census Bureau.
Historical Context
State income tax collections are closely watched by policymakers and analysts for their implications on state budgets and economic conditions.
Key Facts
- Maryland has a flat 4.75% state income tax rate.
- Individual income taxes account for over 50% of Maryland's total tax revenue.
- Quarterly income tax collections in Maryland averaged $2.4 billion from 2015-2021.
FAQs
Q: What does this economic trend measure?
A: This trend tracks quarterly individual income tax collections for the state of Maryland. It provides insight into consumer earnings and overall economic activity in the state.
Q: Why is this trend relevant for users or analysts?
A: State income tax collections are a key indicator of fiscal health and economic conditions. This data is closely watched by policymakers, economists, and investors to assess Maryland's economic performance.
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: State income tax collections inform fiscal policy decisions, budget planning, and economic analysis at the state level. Analysts use this data to evaluate the strength of Maryland's economy and its tax base.
Q: Are there update delays or limitations?
A: The data is reported on a quarterly basis, with a lag of several months. There may also be revisions to previously reported figures.
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Citation
U.S. Federal Reserve, State Tax Collections: T40 Individual Income Taxes for Maryland (QTAXT40QTAXCAT3MDNO), retrieved from FRED.