State Tax Collections: T16 Tobacco Products Sales Tax for Maine
QTAXT16QTAXCAT3MENO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
27.00
Year-over-Year Change
-15.63%
Date Range
1/1/1994 - 1/1/2025
Summary
The State Tax Collections: T16 Tobacco Products Sales Tax for Maine tracks the revenue generated from the state's tobacco products sales tax. This data is important for economists and policymakers to analyze tax policy and tobacco consumption trends.
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
This series measures the total tax revenue collected by the state of Maine from the sale of tobacco products, such as cigarettes and other tobacco items. It provides insight into tobacco consumption patterns and the efficacy of tobacco taxation as a policy tool.
Methodology
The data is collected by the U.S. Census Bureau through surveys of state tax authorities.
Historical Context
Tobacco tax revenue is a significant source of funding for many state budgets and can also influence public health outcomes related to smoking.
Key Facts
- Maine's tobacco products sales tax rate is currently 43% of the wholesale price.
- Tobacco tax revenue accounts for approximately 2% of Maine's total state tax collections.
- Maine has increased its tobacco tax rate several times over the past two decades.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total tax revenue collected by the state of Maine from the sale of tobacco products, including cigarettes and other tobacco items.
Q: Why is this trend relevant for users or analysts?
A: Tobacco tax revenue is an important source of funding for many state budgets and can also influence public health outcomes related to smoking.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through surveys of state tax authorities.
Q: How is this trend used in economic policy?
A: Tobacco tax revenue and consumption data are used by economists and policymakers to analyze tax policy and its impact on public health and state budgets.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Census Bureau, and there may be some delays in reporting from state tax authorities.
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Citation
U.S. Federal Reserve, State Tax Collections: T16 Tobacco Products Sales Tax for Maine (QTAXT16QTAXCAT3MENO), retrieved from FRED.