State Government Tax Collections, Total Selective Sales Taxes in Connecticut
CTTLSLTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,946,006.00
Year-over-Year Change
-1.77%
Date Range
1/1/1942 - 1/1/2024
Summary
This trend measures total selective sales tax collections by the Connecticut state government. It provides insight into consumer spending patterns and the state's tax revenue.
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
Selective sales taxes are levied on specific goods and services, such as alcohol, tobacco, and motor fuel. The Connecticut state government's total selective sales tax collections indicate the strength of consumer demand and the state's ability to generate tax revenue.
Methodology
The data is collected by the U.S. Census Bureau from state government financial reports.
Historical Context
Selective sales tax data is used by policymakers and economists to monitor economic conditions and inform fiscal policy decisions.
Key Facts
- Connecticut's total selective sales tax collections averaged $1.9 billion annually from 2018-2022.
- Selective sales taxes account for about 25% of Connecticut's total state tax revenue.
- Motor fuel taxes make up the largest component of Connecticut's selective sales tax collections.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of selective sales taxes collected by the Connecticut state government. Selective sales taxes are levied on specific goods and services, such as alcohol, tobacco, and motor fuel.
Q: Why is this trend relevant for users or analysts?
A: The Connecticut state government's total selective sales tax collections provide insight into consumer spending patterns and the state's ability to generate tax revenue, which is relevant for policymakers and economists analyzing economic conditions and fiscal policy.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau from state government financial reports.
Q: How is this trend used in economic policy?
A: Selective sales tax data is used by policymakers and economists to monitor economic conditions and inform fiscal policy decisions, such as adjustments to tax rates or spending priorities.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag of several months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Total Selective Sales Taxes in Connecticut (CTTLSLTAX), retrieved from FRED.