State Government Tax Collections, Death and Gift Taxes in Illinois
ILDTHGFTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
654,175.00
Year-over-Year Change
178.53%
Date Range
1/1/1942 - 1/1/2024
Summary
This trend measures death and gift tax collections by the Illinois state government. It is a key indicator of Illinois' fiscal health and the state's ability to generate revenue from these tax 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, Death and Gift Taxes in Illinois metric tracks the total revenue collected by the Illinois state government from death and gift taxes. This data helps policymakers and analysts understand Illinois' revenue profile and tax policy impacts.
Methodology
The data is collected and reported by the U.S. Census Bureau through surveys of state government finances.
Historical Context
Trends in Illinois' death and gift tax collections are closely monitored by economists and policymakers to assess the state's fiscal position and economic conditions.
Key Facts
- Illinois is one of only a few states that imposes both a death tax and a gift tax.
- Death and gift tax collections account for a small but important portion of Illinois' total state tax revenue.
- Trends in this metric can signal changes in Illinois' economic activity and wealth transfer patterns.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total revenue collected by the Illinois state government from death and gift taxes.
Q: Why is this trend relevant for users or analysts?
A: Trends in Illinois' death and gift tax collections provide insights into the state's fiscal health and economic conditions.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through surveys of state government finances.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this metric to assess Illinois' revenue profile and evaluate the impacts of tax policy changes.
Q: Are there update delays or limitations?
A: The data is typically published with a delay of a few months and may be subject to revisions by the Census Bureau.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Death and Gift Taxes in Illinois (ILDTHGFTAX), retrieved from FRED.