State Government Tax Collections, Individual Income Taxes in Rhode Island
RIINCTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,602,020.00
Year-over-Year Change
49.94%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures individual income tax collections by the state government of Rhode Island. It is an important indicator of state 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 Government Tax Collections, Individual Income Taxes in Rhode Island series tracks the total amount of individual income taxes collected by the Rhode Island state government. This metric provides insight into the state's tax revenue and can be used to assess economic performance and guide policy decisions.
Methodology
The data is collected directly from state government tax records.
Historical Context
Individual income tax collections are closely monitored by policymakers and economists to gauge consumer spending, personal income, and overall economic conditions.
Key Facts
- Rhode Island has a flat individual income tax rate of 3.75%.
- Individual income taxes account for over 40% of Rhode Island's total state tax revenue.
- Individual income tax collections in Rhode Island have grown by 15% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: The State Government Tax Collections, Individual Income Taxes in Rhode Island series tracks the total amount of individual income taxes collected by the Rhode Island state government.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the state's tax revenue and can be used to assess economic performance and guide policy decisions.
Q: How is this data collected or calculated?
A: The data is collected directly from state government tax records.
Q: How is this trend used in economic policy?
A: Individual income tax collections are closely monitored by policymakers and economists to gauge consumer spending, personal income, and overall economic conditions.
Q: Are there update delays or limitations?
A: The data is reported on a regular basis with minimal delay.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Individual Income Taxes in Rhode Island (RIINCTAX), retrieved from FRED.