State Government Tax Collections, Total Sales and Gross Receipts Taxes in Pennsylvania
PASLGRTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
27,610,030.00
Year-over-Year Change
60.98%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures total sales and gross receipts tax collections by the state government of Pennsylvania. It is an important indicator of 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, Total Sales and Gross Receipts Taxes in Pennsylvania series tracks the total amount of sales and gross receipts taxes collected by the Commonwealth of Pennsylvania. This metric provides insight into consumer demand, business operations, and overall economic conditions within the state.
Methodology
The data is collected by the U.S. Census Bureau through surveys of state government tax collection agencies.
Historical Context
Policymakers and economists use this trend to analyze consumer spending patterns, forecast tax revenues, and assess the strength of Pennsylvania's economy.
Key Facts
- Pennsylvania collected over $12 billion in sales and gross receipts taxes in 2021.
- Sales and gross receipts taxes account for approximately 30% of Pennsylvania's total state tax revenue.
- The COVID-19 pandemic caused a temporary decline in Pennsylvania's sales tax collections in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of sales and gross receipts taxes collected by the state government of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into consumer spending, business activity, and the overall strength of Pennsylvania's economy, which is useful for policymakers, economists, 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 collection agencies.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to analyze consumer spending patterns, forecast tax revenues, and assess the strength of Pennsylvania's economy, which informs policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a delay 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, Total Sales and Gross Receipts Taxes in Pennsylvania (PASLGRTAX), retrieved from FRED.