State Tax Collections: T50 Death and Gift Taxes for Washington
QTAXT50QTAXCAT3WANO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
155.00
Year-over-Year Change
46.23%
Date Range
1/1/1994 - 1/1/2025
Summary
This trend measures Washington state's tax collections from death and gift taxes, providing insight into wealth transfer and tax policy.
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: T50 Death and Gift Taxes for Washington series tracks the revenue generated by Washington's estate and gift tax programs. This data is used by economists and policymakers to understand trends in wealth transfer and the impact of tax policy on individuals and the broader economy.
Methodology
The data is collected by the U.S. Census Bureau through surveys of state tax authorities.
Historical Context
This metric is relevant for analyzing the tax burden on high-net-worth individuals and the role of inheritance in wealth distribution.
Key Facts
- Washington's death and gift tax collections totaled $348 million in 2021.
- These taxes account for 2.8% of Washington's total state tax revenue.
- The state's top marginal estate tax rate is 20%.
FAQs
Q: What does this economic trend measure?
A: This trend measures the tax revenue collected by the state of Washington from death and gift taxes, which are levied on the transfer of wealth between individuals.
Q: Why is this trend relevant for users or analysts?
A: This data is relevant for understanding the tax burden on high-net-worth individuals, the role of inheritance in wealth distribution, and the impact of tax policy on economic outcomes.
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: Policymakers and economists use this data to analyze the effects of death and gift taxes on wealth transfer, tax revenue, and the broader economy.
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 by the Census Bureau.
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Citation
U.S. Federal Reserve, State Tax Collections: T50 Death and Gift Taxes for Washington (QTAXT50QTAXCAT3WANO), retrieved from FRED.