State Government Tax Collections, Individual Income Taxes in Virginia
VAINCTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
17,637,351.00
Year-over-Year Change
72.64%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic indicator tracks individual income tax collections by the state government of Virginia. It provides insight into the state's fiscal health and residents' personal income levels.
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, Individual Income Taxes in Virginia metric represents the total revenue from individual income taxes collected by the Commonwealth of Virginia. This data series is used by economists and policymakers to analyze Virginia's economic performance and tax base.
Methodology
The data is collected and reported by the U.S. Census Bureau.
Historical Context
This trend is a key indicator of Virginia's economic and fiscal conditions, influencing state budgeting and policy decisions.
Key Facts
- Virginia relies on individual income taxes for over 70% of its total tax revenue.
- Individual income tax collections in Virginia have grown by over 50% in the past decade.
- Per capita individual income tax collections in Virginia are among the highest in the U.S.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the total revenue collected by the Commonwealth of Virginia from individual income taxes.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into Virginia's fiscal health and residents' personal income levels, which are key factors for state budgeting and economic policymaking.
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: Virginia's individual income tax collections are a critical input for the state's budget planning and fiscal policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a 3-month lag.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Individual Income Taxes in Virginia (VAINCTAX), retrieved from FRED.