State Government Tax Collections, Total Taxes in Maine
METOTLTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,509,073.00
Year-over-Year Change
72.33%
Date Range
1/1/1942 - 1/1/2024
Summary
This trend measures the total tax revenue collected by the state government of Maine. It is an important indicator of the fiscal health and economic conditions 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, Total Taxes in Maine data series tracks the total amount of tax revenue received by the state government of Maine. This metric is widely used by economists, policymakers, and analysts to evaluate the financial strength and economic activity within the state.
Methodology
The data is collected and calculated by the U.S. Census Bureau through surveys of state and local government finances.
Historical Context
This trend is relevant for understanding the overall tax burden and economic performance of Maine relative to national trends and other states.
Key Facts
- Maine's total state tax collections were $3.5 billion in 2021.
- Tax revenues have grown by an average of 4.2% annually over the past decade.
- Sales and use taxes account for the largest share of Maine's state tax collections.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total tax revenue collected by the state government of Maine, including personal income taxes, sales taxes, and other state-level taxes.
Q: Why is this trend relevant for users or analysts?
A: This metric is an important indicator of Maine's fiscal health and economic conditions, providing insights into the state's revenue sources and ability to fund public services.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Census Bureau through surveys of state and local government finances.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess Maine's fiscal position, guide budgeting decisions, and evaluate the state's economic performance relative to national and regional trends.
Q: Are there update delays or limitations?
A: The data is typically released with a 6-9 month lag, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Total Taxes in Maine (METOTLTAX), retrieved from FRED.