Local government current tax receipts: Taxes on production and imports
W8735C1A027NBEA • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
951.37
Year-over-Year Change
71.72%
Date Range
1/1/1959 - 1/1/2023
Summary
This economic trend measures local government revenue from taxes on production and imports. It provides insight into the fiscal health and taxing capacity of local governments.
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 'Local government current tax receipts: Taxes on production and imports' series tracks revenue collected by local governments from taxes on goods and services, such as sales taxes, excise taxes, and property taxes. This metric is a key indicator of the economic environment and tax base in local communities.
Methodology
The data is collected and published by the U.S. Bureau of Economic Analysis as part of the National Income and Product Accounts.
Historical Context
This trend is closely monitored by policymakers, urban economists, and municipal finance analysts to assess local government budgets and economic conditions.
Key Facts
- Local governments collected over $700 billion in taxes on production and imports in 2021.
- Sales taxes account for the largest share of local tax revenue, followed by property taxes.
- Trends in this metric can signal changes in consumer spending, business activity, and real estate markets.
FAQs
Q: What does this economic trend measure?
A: This trend measures the revenue collected by local governments from taxes on the production and import of goods and services, such as sales taxes, excise taxes, and property taxes.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the fiscal health and taxing capacity of local governments, which is crucial for policymakers, urban economists, and municipal finance analysts to assess economic conditions in local communities.
Q: How is this data collected or calculated?
A: The data is collected and published by the U.S. Bureau of Economic Analysis as part of the National Income and Product Accounts.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers to evaluate local government budgets, revenue sources, and the broader economic environment in communities across the United States.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Local government current tax receipts: Taxes on production and imports (W8735C1A027NBEA), retrieved from FRED.