State Government Tax Collections, Total Selective Sales Taxes in Utah
UTTLSLTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,087,062.00
Year-over-Year Change
25.66%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures total state government tax collections from selective sales taxes in Utah. It provides insight into the state's fiscal health 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 Selective Sales Taxes in Utah series tracks the total amount of tax revenue the Utah state government collects from selective sales taxes. This data point is a key indicator of economic activity and consumer spending within the state.
Methodology
The data is collected and calculated by the U.S. Census Bureau through surveys of state government tax agencies.
Historical Context
Policymakers and economists use this trend to assess Utah's economic performance and tax revenue generation.
Key Facts
- Utah collected over $2 billion in selective sales taxes in 2021.
- Selective sales taxes account for around 30% of Utah's total state tax revenue.
- This economic trend has shown steady growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of tax revenue the Utah state government collects from selective sales taxes, which include taxes on items like motor fuel, alcohol, and tobacco.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into Utah's fiscal health and the strength of consumer spending and economic activity within the state, which is valuable information for policymakers, businesses, and economists.
Q: How is this data collected or calculated?
A: The U.S. Census Bureau collects this data through surveys of state government tax agencies.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess Utah's economic performance and tax revenue generation, which informs decisions about budgeting, taxation, and economic development initiatives.
Q: Are there update delays or limitations?
A: This data is published quarterly by the U.S. Census Bureau, so there may be a delay of several months before the most recent figures are available.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Total Selective Sales Taxes in Utah (UTTLSLTAX), retrieved from FRED.