State Tax Collections: T40 Individual Income Taxes for South Carolina
QTAXT40QTAXCAT3SCNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,076.00
Year-over-Year Change
-10.56%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend measures individual income tax collections for the state of South Carolina, providing insights into state fiscal conditions and household tax burdens.
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 South Carolina series tracks the quarterly revenue from individual income taxes paid to the state government. This data point is a key indicator of economic activity and household wealth within the state.
Methodology
The data is collected and reported by the U.S. Census Bureau through state government tax revenue surveys.
Historical Context
This trend is closely monitored by state policymakers, economists, and investors to assess fiscal health and guide budgetary decisions.
Key Facts
- South Carolina individual income taxes account for over 60% of the state's total tax revenue.
- Quarterly collections have grown by an average of 4.2% annually over the past decade.
- Individual income taxes are the largest source of discretionary funding for the state government.
FAQs
Q: What does this economic trend measure?
A: This trend measures the quarterly tax revenue collected by the state of South Carolina from individual income taxes.
Q: Why is this trend relevant for users or analysts?
A: This data point is a key indicator of economic activity, household wealth, and fiscal health within the state, making it relevant for policymakers, economists, and investors.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through state government tax revenue surveys.
Q: How is this trend used in economic policy?
A: State policymakers closely monitor this trend to assess fiscal conditions and guide budgetary decisions, while economists and investors use it to analyze regional economic performance.
Q: Are there update delays or limitations?
A: The data is published on a quarterly basis, with a typical 3-month delay between the end of the quarter and the release of the latest figures.
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Citation
U.S. Federal Reserve, State Tax Collections: T40 Individual Income Taxes for South Carolina (QTAXT40QTAXCAT3SCNO), retrieved from FRED.