State Tax Collections: Total Taxes for Minnesota
QTAXTOTALQTAXCAT3MNNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,138.00
Year-over-Year Change
-6.33%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend measures the total tax collections for the state of Minnesota, providing insights into the state's fiscal health and economic conditions.
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: Total Taxes for Minnesota series tracks the total amount of taxes collected by the state government, including sales, income, and other tax revenues. This data is a key indicator of Minnesota's economic performance and can inform policy decisions.
Methodology
The data is collected and reported by the U.S. Census Bureau through its Quarterly Summary of State and Local Government Tax Revenue program.
Historical Context
Policymakers and economists use this trend to analyze Minnesota's fiscal policies, revenue sources, and overall economic activity.
Key Facts
- Minnesota's total tax collections were $6.3 billion in Q4 2022.
- Sales tax accounted for 44% of Minnesota's total tax revenue in 2021.
- Tax collections have grown by an average of 3.2% annually in Minnesota over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of taxes collected by the state government of Minnesota, including sales, income, and other tax revenues.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into Minnesota's fiscal health and economic conditions, which is crucial information for policymakers, economists, and investors analyzing the state's economic performance.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through its Quarterly Summary of State and Local Government Tax Revenue program.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to analyze Minnesota's fiscal policies, revenue sources, and overall economic activity, which can inform policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly, with a typical release lag of 3 months. There may be revisions to previous quarters' data as more complete information becomes available.
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Citation
U.S. Federal Reserve, State Tax Collections: Total Taxes for Minnesota (QTAXTOTALQTAXCAT3MNNO), retrieved from FRED.