State Tax Collections: T40 Individual Income Taxes for Michigan
QTAXT40QTAXCAT3MINO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,040.00
Year-over-Year Change
-21.08%
Date Range
1/1/1994 - 1/1/2025
Summary
This trend measures individual income tax collections for the state of Michigan. It provides insights into the state's fiscal health and revenue sources.
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 Tax Collections: T40 Individual Income Taxes for Michigan series tracks the amount of individual income taxes collected by the state government. This metric is important for understanding Michigan's overall tax revenue and the burden on individual taxpayers.
Methodology
The data is collected by the U.S. Census Bureau through surveys of state and local government finances.
Historical Context
Policymakers and economists use this trend to analyze Michigan's fiscal policy and economic conditions.
Key Facts
- Michigan collected $12.3 billion in individual income taxes in 2021.
- Individual income taxes account for 40% of Michigan's total tax revenue.
- Michigan has a flat individual income tax rate of 4.25%.
FAQs
Q: What does this economic trend measure?
A: This trend measures the amount of individual income taxes collected by the state government of Michigan.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into Michigan's fiscal health and the tax burden on individual residents, which is important for policymakers and economists analyzing the state's economic conditions.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through surveys of state and local government finances.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to analyze Michigan's fiscal policy, revenue sources, and the impact on individual taxpayers.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag, and may not capture all state-level adjustments or changes in tax policy.
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Citation
U.S. Federal Reserve, State Tax Collections: T40 Individual Income Taxes for Michigan (QTAXT40QTAXCAT3MINO), retrieved from FRED.