State Government Tax Collections, Individual Income Taxes in Hawaii
HIINCTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,280,508.00
Year-over-Year Change
112.92%
Date Range
1/1/1955 - 1/1/2024
Summary
This economic trend measures individual income tax collections by the state government of Hawaii. It provides insight 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, Individual Income Taxes in Hawaii series tracks the total amount of personal income taxes collected by the Hawaiian state government. This data is used by policymakers and economists to analyze the state's tax revenue, fiscal policy, and economic conditions.
Methodology
The data is collected by the U.S. Census Bureau through state government tax revenue reporting.
Historical Context
This trend is monitored by state officials, tax policy analysts, and investors to understand Hawaii's economic performance and revenue outlook.
Key Facts
- Hawaii has no state sales tax, making individual income taxes a crucial revenue source.
- Hawaii's top individual income tax rate is 11%, one of the highest in the U.S.
- Individual income taxes account for over 50% of Hawaii's total state tax collections.
FAQs
Q: What does this economic trend measure?
A: The State Government Tax Collections, Individual Income Taxes in Hawaii series tracks the total amount of personal income taxes collected by the Hawaiian state government.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into Hawaii's fiscal health, tax revenue sources, and economic conditions, which is valuable for policymakers, economists, and investors.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through state government tax revenue reporting.
Q: How is this trend used in economic policy?
A: State officials, tax policy analysts, and investors monitor this trend to understand Hawaii's economic performance and revenue outlook, which informs fiscal and economic policies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Individual Income Taxes in Hawaii (HIINCTAX), retrieved from FRED.