State Government Tax Collections, Total Taxes in Pennsylvania
PATOTLTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
55,198,027.00
Year-over-Year Change
67.52%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic indicator measures the total tax revenue collected by the state government of Pennsylvania. It is an important metric for understanding the fiscal health and policy priorities of 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 Pennsylvania series tracks the aggregate amount of tax revenue received by the Pennsylvania state government from various sources including income taxes, sales taxes, property taxes, and other levies. This data is used by economists, policymakers, and analysts to assess the state's budget, tax burden, and economic conditions.
Methodology
The data is collected and reported by the U.S. Census Bureau through surveys of state government finances.
Historical Context
This metric is closely watched by investors, businesses, and government officials to gauge Pennsylvania's economic and fiscal trends.
Key Facts
- Pennsylvania collected over $42 billion in total state taxes in 2021.
- Tax collections grew by 13.4% in Pennsylvania from 2020 to 2021.
- Sales and use taxes account for the largest share of Pennsylvania's state tax revenue.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the total tax revenue collected by the Pennsylvania state government from various sources including income taxes, sales taxes, and other levies.
Q: Why is this trend relevant for users or analysts?
A: This metric is an important gauge of Pennsylvania's fiscal health, economic conditions, and policy priorities, making it closely watched by investors, businesses, and government officials.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through surveys of state government finances.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this data to assess Pennsylvania's budget, tax burden, and overall economic performance, informing decisions on taxation, spending, and fiscal policy.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, 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 Pennsylvania (PATOTLTAX), retrieved from FRED.