National Totals of State and Local Tax Revenue: T40 Individual Income Taxes, 4 Quarters Ending for the United States
This dataset tracks national totals of state and local tax revenue: t40 individual income taxes, 4 quarters ending for the united states over time.
Latest Value
548823.00
Year-over-Year Change
-7.50%
Date Range
1/1/1992 - 1/1/2025
Summary
This economic trend measures state and local individual income tax revenue in the United States over a 4-quarter period. It is a key indicator of government fiscal health and consumer spending power.
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 National Totals of State and Local Tax Revenue: T40 Individual Income Taxes metric tracks the total individual income tax revenue collected by state and local governments across the U.S. It provides insight into tax policy, economic activity, and government budgets.
Methodology
The data is collected and calculated by the U.S. Census Bureau through surveys of state and local government tax authorities.
Historical Context
This trend is closely monitored by policymakers, economists, and investors to gauge the strength of the U.S. economy and assess the fiscal condition of state and local governments.
Key Facts
- State and local governments collected over $1.3 trillion in individual income taxes in 2021.
- Individual income taxes account for approximately 37% of total state and local tax revenue.
- The COVID-19 pandemic caused a temporary decline in individual income tax revenue in 2020.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the total amount of individual income tax revenue collected by state and local governments in the United States over a 4-quarter period.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the fiscal health of state and local governments, as well as the strength of consumer spending and economic activity in the U.S.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Census Bureau through surveys of state and local government tax authorities.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and investors closely monitor this trend to assess the overall strength of the U.S. economy and the fiscal condition of state and local governments.
Q: Are there update delays or limitations?
A: The data is released quarterly, but there may be a delay of several months between the end of the reporting period and the publication of the data.
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Citation
U.S. Federal Reserve, National Totals of State and Local Tax Revenue: T40 Individual Income Taxes, 4 Quarters Ending for the United States (QTAXT404QEQTAXCAT1USNO), retrieved from FRED.