State Government Tax Collections, General Sales and Gross Receipts Taxes in Utah
UTSALESTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,632,048.00
Year-over-Year Change
149.43%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures state government tax collections from general sales and gross receipts taxes in Utah. It provides insight into consumer spending and state fiscal 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 Government Tax Collections, General Sales and Gross Receipts Taxes in Utah series tracks the revenue collected by the Utah state government from taxing sales of goods and services. This metric is a key indicator of economic activity and consumer confidence in the state.
Methodology
The data is collected and reported by the U.S. Census Bureau.
Historical Context
Policymakers and economists analyze this trend to understand Utah's fiscal health and make informed decisions about budgets, spending, and economic policies.
Key Facts
- Utah relies on general sales taxes for over 50% of its state tax revenue.
- Sales tax collections in Utah have grown by over 30% in the past decade.
- Consumer spending accounts for approximately two-thirds of Utah's gross state product.
FAQs
Q: What does this economic trend measure?
A: This trend tracks the total revenue collected by the Utah state government from general sales and gross receipts taxes.
Q: Why is this trend relevant for users or analysts?
A: Sales tax collections provide insight into consumer spending and the overall health of Utah's economy, which is crucial information for policymakers, businesses, and economists.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this trend to evaluate Utah's fiscal conditions, consumer confidence, and the effectiveness of economic policies.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, State Government Tax Collections, General Sales and Gross Receipts Taxes in Utah (UTSALESTAX), retrieved from FRED.