State Government Tax Collections, General Sales and Gross Receipts Taxes in Pennsylvania
PASALESTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
15,599,908.00
Year-over-Year Change
70.18%
Date Range
1/1/1942 - 1/1/2024
Summary
This trend measures state-level sales and gross receipts tax collections in Pennsylvania. It provides insight into consumer spending and state government revenue, which are key indicators of economic conditions.
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 Pennsylvania series tracks the monthly revenue collected by the Pennsylvania state government from sales and gross receipts taxes. This data is used by economists and policymakers to analyze consumer spending patterns and assess the state's fiscal health.
Methodology
The data is collected by the U.S. Census Bureau through surveys of state government tax authorities.
Historical Context
This economic indicator is closely watched by state officials, as sales tax revenue is a major source of funding for government operations and programs.
Key Facts
- Pennsylvania collected over $10 billion in sales and gross receipts taxes in 2021.
- Sales taxes account for approximately 30% of Pennsylvania's total state tax revenue.
- Consumer spending drives over 60% of Pennsylvania's economic activity.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total monthly revenue collected by the Pennsylvania state government from sales and gross receipts taxes.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into consumer spending patterns and state government fiscal health, which are important indicators for economists, policymakers, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through surveys of state government tax authorities.
Q: How is this trend used in economic policy?
A: State officials closely monitor sales tax revenue, as it is a major source of funding for government operations and programs.
Q: Are there update delays or limitations?
A: The data is published monthly with a lag of several weeks, and may be subject to revisions.
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Citation
U.S. Federal Reserve, State Government Tax Collections, General Sales and Gross Receipts Taxes in Pennsylvania (PASALESTAX), retrieved from FRED.