State Tax Collections: Total Taxes for New York
QTAXTOTALQTAXCAT3NYNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
41,009.00
Year-over-Year Change
4.33%
Date Range
1/1/1994 - 1/1/2025
Summary
This data series tracks total tax collections for the state of New York, 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 New York metric represents the aggregate value of all tax revenues collected by the state government, including personal income taxes, sales taxes, corporate taxes, and other levies. This data is used by economists, policymakers, and analysts to assess New York's fiscal position and economic performance.
Methodology
The data is collected and reported by the U.S. Census Bureau through surveys of state government finances.
Historical Context
Trends in New York's total tax collections are closely monitored by investors, businesses, and government agencies to gauge the state's economic and budgetary outlook.
Key Facts
- New York collected over $82 billion in total taxes in 2021.
- Tax collections rebounded by 16% in 2021 after declining in 2020 due to the COVID-19 pandemic.
- Personal income taxes account for the largest share of New York's total tax revenue.
FAQs
Q: What does this economic trend measure?
A: The State Tax Collections: Total Taxes for New York metric tracks the aggregate value of all tax revenues collected by the New York state government, including personal income taxes, sales taxes, corporate taxes, and other levies.
Q: Why is this trend relevant for users or analysts?
A: Trends in New York's total tax collections are closely monitored by economists, policymakers, investors, and businesses to gauge the state's fiscal health, economic performance, and budgetary outlook.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through surveys of state government finances.
Q: How is this trend used in economic policy?
A: Policymakers in New York and at the federal level use this data to assess the state's fiscal position, inform budgetary decisions, and develop economic and tax policies.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, State Tax Collections: Total Taxes for New York (QTAXTOTALQTAXCAT3NYNO), retrieved from FRED.