State Tax Collections: Total Taxes for West Virginia
This dataset tracks state tax collections: total taxes for west virginia over time.
Latest Value
1559.00
Year-over-Year Change
-10.71%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend measures total tax collections by the state government of West Virginia. It is an important indicator of the state's fiscal health and economic activity.
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 West Virginia metric tracks the total tax revenue received by the West Virginia state government from various sources, including personal income taxes, sales taxes, corporate taxes, and other levies. This data provides insight into the state's overall tax base and can inform policy decisions regarding taxation, spending, and economic development.
Methodology
The data is collected and reported by the U.S. Census Bureau through surveys of state and local government finances.
Historical Context
Policymakers and analysts use this trend to assess West Virginia's fiscal position and guide policy decisions related to taxation, budgeting, and economic growth strategies.
Key Facts
- West Virginia's total tax collections were $6.7 billion in 2021.
- Sales and gross receipts taxes account for the largest share of West Virginia's tax revenue.
- Tax collections have grown by an average of 3.2% annually over the past decade in West Virginia.
FAQs
Q: What does this economic trend measure?
A: The State Tax Collections: Total Taxes for West Virginia metric tracks the total tax revenue received by the West Virginia state government from various sources, including personal income taxes, sales taxes, corporate taxes, and other levies.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into West Virginia's overall tax base and can inform policy decisions regarding taxation, spending, and economic development.
Q: How is this data collected or calculated?
A: The data is collected and reported 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 analysts use this trend to assess West Virginia's fiscal position and guide policy decisions related to taxation, budgeting, and economic growth strategies.
Q: Are there update delays or limitations?
A: The data is typically updated quarterly by the U.S. Census Bureau, with a lag of several months.
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Citation
U.S. Federal Reserve, State Tax Collections: Total Taxes for West Virginia (QTAXTOTALQTAXCAT3WVNO), retrieved from FRED.