State Government Tax Collections, Individual Income Taxes in Alabama
ALINCTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,281,413.00
Year-over-Year Change
75.03%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures individual income tax collections by the state government of Alabama. It provides insight into the fiscal health and tax revenue dynamics of the state.
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 Alabama series tracks the total amount of personal income taxes collected by the Alabama state government. This metric is a key indicator of economic activity and taxpayer behavior within the state.
Methodology
The data is collected and reported by the U.S. Census Bureau.
Historical Context
This trend is closely monitored by policymakers, economists, and investors to assess Alabama's fiscal position and economic outlook.
Key Facts
- Alabama has a flat personal income tax rate of 5%.
- Individual income taxes account for over 50% of Alabama's state tax revenue.
- Tax collections peaked in 2007 prior to the Great Recession.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of individual income taxes collected by the state government of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into Alabama's fiscal health, economic performance, and taxpayer behavior, which is valuable for policymakers, economists, and investors.
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: Policymakers and analysts use this trend to assess Alabama's fiscal position, make budgeting decisions, and evaluate the state's economic outlook.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag, and may not fully capture all individual income tax collections.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Individual Income Taxes in Alabama (ALINCTAX), retrieved from FRED.