State Government Tax Collections, General Sales and Gross Receipts Taxes in Rhode Island
RISALESTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,633,931.00
Year-over-Year Change
92.56%
Date Range
1/1/1942 - 1/1/2024
Summary
This trend measures state government tax collections from general sales and gross receipts taxes in Rhode Island. It provides insights into consumer spending patterns and economic activity within 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 Rhode Island metric tracks the revenue generated by the state government through taxes on retail sales and other commercial transactions. This data point is a key indicator of economic conditions and consumer confidence within Rhode Island.
Methodology
The data is collected and reported by the U.S. Census Bureau through surveys of state government finances.
Historical Context
Policymakers and economists use this metric to assess the health of Rhode Island's economy and make informed decisions regarding fiscal policy and public spending.
Key Facts
- Rhode Island's sales tax rate is 7%.
- General sales and gross receipts taxes account for over 40% of Rhode Island's state tax revenue.
- Sales tax collections in Rhode Island reached a record high of $1.2 billion in 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the revenue collected by the Rhode Island state government through general sales and gross receipts taxes, which are levied on retail sales and other commercial transactions.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into consumer spending patterns and economic activity within Rhode Island, making it a valuable indicator for policymakers, economists, and businesses operating in the state.
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 and economists use this metric to assess the health of Rhode Island's economy and make informed decisions regarding fiscal policy and public spending.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Census Bureau, with a typical delay of several months between the end of the reporting period and the release of the data.
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Citation
U.S. Federal Reserve, State Government Tax Collections, General Sales and Gross Receipts Taxes in Rhode Island (RISALESTAX), retrieved from FRED.