State Government Tax Collections, Total Income Taxes in Rhode Island
RITLINCTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,197,596.00
Year-over-Year Change
82.40%
Date Range
1/1/1942 - 1/1/2024
Summary
This data series tracks total income tax collections by the state government of Rhode Island. It is an important indicator of economic activity and fiscal health within the state.
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, Total Income Taxes in Rhode Island' data series measures the total amount of income taxes collected by the Rhode Island state government. This provides insight into the overall tax revenue and economic conditions within the state.
Methodology
The data is collected and reported by the U.S. Census Bureau.
Historical Context
Economists and policymakers monitor this data to assess economic trends and the fiscal position of the Rhode Island state government.
Key Facts
- Rhode Island collected $1.2 billion in total income taxes in 2021.
- Income tax collections account for over 50% of Rhode Island's total state tax revenue.
- Rhode Island's income tax rate ranges from 3.75% to 5.99% depending on taxable income.
FAQs
Q: What does this economic trend measure?
A: This data series tracks the total amount of income taxes collected by the Rhode Island state government. It provides insight into the state's fiscal health and economic activity.
Q: Why is this trend relevant for users or analysts?
A: This data is closely watched by economists, policymakers, and investors to assess Rhode Island's economic conditions and the state government's fiscal position.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this data to monitor Rhode Island's economic performance and tax revenue, which informs budgeting, spending, and policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Total Income Taxes in Rhode Island (RITLINCTAX), retrieved from FRED.