State Government Tax Collections, General Sales and Gross Receipts Taxes in Indiana
INSALESTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
10,959,429.00
Year-over-Year Change
65.25%
Date Range
1/1/1942 - 1/1/2024
Summary
This data series tracks state government tax collections from general sales and gross receipts taxes in Indiana. It provides insights into consumer spending and economic activity within 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, General Sales and Gross Receipts Taxes in Indiana metric measures the total tax revenue collected by the Indiana state government from general sales and gross receipts taxes. This data is used by economists and policymakers to analyze consumer spending trends and the overall health of the state's economy.
Methodology
The data is collected and reported by the U.S. Census Bureau through surveys of state government finances.
Historical Context
This metric is closely watched by state officials, businesses, and market analysts to gauge Indiana's economic performance and tax revenue.
Key Facts
- Indiana collects the 7th highest amount of sales tax revenue among U.S. states.
- Sales tax accounts for over 50% of Indiana's total state tax collections.
- Indiana's sales tax rate is 7%, one of the highest in the Midwest region.
FAQs
Q: What does this economic trend measure?
A: This data series tracks the total tax revenue collected by the Indiana state government from general sales and gross receipts taxes.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into consumer spending and economic activity within Indiana, which is crucial information for policymakers, businesses, and market analysts.
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: State officials, businesses, and market analysts closely monitor this metric to gauge Indiana's economic performance and tax revenue, which informs policy decisions.
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, General Sales and Gross Receipts Taxes in Indiana (INSALESTAX), retrieved from FRED.