State Government Tax Collections, Individual Income Taxes in Pennsylvania
PAINCTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
17,079,032.00
Year-over-Year Change
69.06%
Date Range
1/1/1942 - 1/1/2024
Summary
This trend measures individual income tax collections by the state government of Pennsylvania. It is an important indicator of Pennsylvania's economic health and tax revenue.
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 Pennsylvania series tracks the total amount of individual income taxes collected by the Commonwealth of Pennsylvania. This metric provides insight into Pennsylvania's fiscal position and the income levels of its residents.
Methodology
The data is collected by the U.S. Census Bureau through surveys of state and local government finances.
Historical Context
This trend is closely monitored by policymakers, analysts, and investors to assess Pennsylvania's economic performance and revenue outlook.
Key Facts
- Pennsylvania levies a flat 3.07% individual income tax rate.
- Individual income taxes account for over 40% of Pennsylvania's total tax revenue.
- In 2021, Pennsylvania collected $16.1 billion in individual income taxes.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of individual income taxes collected by the state government of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into Pennsylvania's fiscal position and the income levels of its residents, which is important for policymakers, analysts, and investors.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through surveys of state and local government finances.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers to assess Pennsylvania's economic performance and revenue outlook, which informs fiscal and economic policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Individual Income Taxes in Pennsylvania (PAINCTAX), retrieved from FRED.