State Government Tax Collections, Total Taxes in Maryland
MDTOTLTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
30,911,703.00
Year-over-Year Change
80.83%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures the total tax revenue collected by the state government of Maryland. It is an important indicator of the state's fiscal health and economic activity.
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 Maryland series tracks the aggregate tax revenue generated by the state government from various sources, including personal income tax, sales tax, corporate income tax, and other levies. This data provides insights into Maryland's fiscal capacity and can inform policy decisions around budgeting, taxation, and economic development.
Methodology
The data is collected and published by the U.S. Census Bureau through its Quarterly Summary of State and Local Tax Revenue program.
Historical Context
State tax collection data is closely monitored by policymakers, analysts, and investors to assess a state's economic performance and fiscal conditions.
Key Facts
- Maryland collected $19.3 billion in total taxes in 2021.
- Tax revenue has grown by an average of 4.2% annually over the past decade.
- Personal income tax accounts for the largest share of Maryland's tax collections.
FAQs
Q: What does this economic trend measure?
A: The State Government Tax Collections, Total Taxes in Maryland series tracks the total tax revenue collected by the Maryland state government from various sources, including personal income tax, sales tax, corporate income tax, and other levies.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into Maryland's fiscal capacity and economic activity, which is closely monitored by policymakers, analysts, and investors to assess the state's overall economic performance and fiscal conditions.
Q: How is this data collected or calculated?
A: The data is collected and published by the U.S. Census Bureau through its Quarterly Summary of State and Local Tax Revenue program.
Q: How is this trend used in economic policy?
A: State tax collection data is used by policymakers, economists, and analysts to inform decisions around budgeting, taxation, and economic development policies in Maryland.
Q: Are there update delays or limitations?
A: The data is published quarterly, with a typical lag of several months between the end of the reference period and the release of the latest figures.
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Citation
U.S. Census Bureau, State Government Tax Collections, Total Taxes in Maryland (MDTOTLTAX), retrieved from FRED.