State Tax Collections: Total Taxes for Maine
This dataset tracks state tax collections: total taxes for maine over time.
Latest Value
1216.00
Year-over-Year Change
-2.88%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend measures total tax collections by the state government of Maine. It is a key indicator of the state's fiscal health and economic performance.
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: Total Taxes for Maine metric tracks the total tax revenue collected by the state government from various sources, including personal income taxes, sales taxes, corporate taxes, and other state-level taxes. This data series is widely used by economists, policymakers, and analysts to assess Maine's fiscal position and the overall economic conditions within the state.
Methodology
The data is collected and reported by the U.S. Census Bureau through periodic surveys of state government finance.
Historical Context
This trend is closely monitored by state and federal policymakers to inform budgeting, taxation, and economic development decisions.
Key Facts
- Maine's total tax collections reached a high of $6.5 billion in 2019.
- Sales and use taxes account for the largest share of Maine's tax revenue.
- Tax collections declined during the COVID-19 pandemic but have since rebounded.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total tax revenue collected by the state government of Maine from various sources, including personal income taxes, sales taxes, corporate taxes, and other state-level taxes.
Q: Why is this trend relevant for users or analysts?
A: This trend is a key indicator of Maine's fiscal health and economic performance, and is closely monitored by state and federal policymakers to inform budgeting, taxation, and economic development decisions.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through periodic surveys of state government finance.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers at the state and federal level to assess Maine's fiscal position and the overall economic conditions within the state, and to inform decisions related to budgeting, taxation, and economic development.
Q: Are there update delays or limitations?
A: The data is reported periodically by the U.S. Census Bureau, and there may be some delays in the availability of the most recent data.
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Citation
U.S. Federal Reserve, State Tax Collections: Total Taxes for Maine (QTAXTOTALQTAXCAT3MENO), retrieved from FRED.