State Government Tax Collections, Total Taxes in Connecticut
CTTOTLTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
23,213,078.00
Year-over-Year Change
49.95%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures total state government tax collections in Connecticut, providing insights 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 Taxes in Connecticut data series tracks the total amount of taxes collected by the Connecticut state government from various sources, including personal income, sales, corporate, and other taxes. This metric is used by economists and policymakers to analyze the state's economic and fiscal performance.
Methodology
The data is collected and reported by the U.S. Census Bureau.
Historical Context
This trend is relevant for understanding Connecticut's fiscal policies and budgetary decisions.
Key Facts
- Connecticut's total state tax collections were $19.5 billion in 2021.
- Sales and gross receipts taxes account for the largest share of Connecticut's state tax revenue.
- State tax collections in Connecticut have grown by an average of 4.2% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of taxes collected by the Connecticut state government, including personal income, sales, corporate, and other taxes.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into Connecticut's fiscal health, revenue sources, and policy decisions, which are important for economic analysis and 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: Policymakers and economists use this trend to analyze Connecticut's fiscal policies, budgetary decisions, and the overall health of the state's economy.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, but it provides a comprehensive view of Connecticut's state tax collections.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Total Taxes in Connecticut (CTTOTLTAX), retrieved from FRED.