State Tax Collections: Total Taxes for Michigan
This dataset tracks state tax collections: total taxes for michigan over time.
Latest Value
8286.00
Year-over-Year Change
5.26%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend measures total tax collections in the state of Michigan, providing insights into state government revenue and fiscal 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: Total Taxes for Michigan metric tracks the total amount of taxes collected by the Michigan state government from various sources, including individual income taxes, corporate taxes, sales taxes, and other state-level levies.
Methodology
The data is collected by the U.S. Census Bureau through quarterly surveys of state government financial activities.
Historical Context
This trend is used by economists, policymakers, and market analysts to assess Michigan's fiscal health and the impacts of economic conditions on state revenue.
Key Facts
- Michigan collected over $27 billion in total taxes in 2021.
- Sales and use taxes account for the largest share of Michigan's tax revenue.
- State tax collections in Michigan have grown by an average of 4% per year over the past decade.
FAQs
Q: What does this economic trend measure?
A: The State Tax Collections: Total Taxes for Michigan metric tracks the total amount of taxes collected by the Michigan state government from various sources, including individual income taxes, corporate taxes, sales taxes, and other state-level levies.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into Michigan's fiscal health and the impacts of economic conditions on state revenue, which is crucial information for policymakers, economists, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through quarterly surveys of state government financial activities.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess Michigan's fiscal position, inform budget decisions, and evaluate the impact of economic conditions on state revenue.
Q: Are there update delays or limitations?
A: The data is published quarterly with a slight delay, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, State Tax Collections: Total Taxes for Michigan (QTAXTOTALQTAXCAT3MINO), retrieved from FRED.