State Government Tax Collections, Total Income Taxes in the United States
USTLINCTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
649,004,063.00
Year-over-Year Change
101.36%
Date Range
1/1/1902 - 1/1/2024
Summary
This economic trend measures total income tax collections by U.S. state governments. It provides important insights into state fiscal conditions and revenue sources.
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, Total Income Taxes series tracks the total income taxes collected by state governments across the United States. This metric is a key indicator of state fiscal health and the relative reliance of states on different tax revenue sources.
Methodology
The data is collected directly from state government financial reporting.
Historical Context
This trend is closely monitored by economists, policymakers, and investors to assess state budgets and economic conditions.
Key Facts
- Income taxes make up about 37% of total state tax collections on average.
- Total state income tax collections were over $522 billion in 2021.
- Nine U.S. states do not levy a state income tax.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total income taxes collected by U.S. state governments, providing insights into state fiscal conditions and revenue sources.
Q: Why is this trend relevant for users or analysts?
A: This metric is closely watched by economists, policymakers, and investors to assess state budgets, economic performance, and fiscal policy.
Q: How is this data collected or calculated?
A: The data is collected directly from state government financial reporting.
Q: How is this trend used in economic policy?
A: This trend is used to analyze state fiscal health, guide budgeting and taxation decisions, and evaluate the economic impacts of state policy.
Q: Are there update delays or limitations?
A: There may be lags in reporting and publication of the latest data, as it relies on state government financial reporting.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Total Income Taxes in the United States (USTLINCTAX), retrieved from FRED.