State Government Tax Collections, Individual Income Taxes in South Carolina
SCINCTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,145,430.00
Year-over-Year Change
98.44%
Date Range
1/1/1942 - 1/1/2024
Summary
This data series tracks state government tax collections from individual income taxes in South Carolina. It's a key indicator of economic activity and a major revenue source for the state government.
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 South Carolina data measures the total tax revenue collected by the South Carolina state government from individual income taxes. This is an important economic metric that reflects trends in personal incomes, consumer spending, and overall economic conditions within the state.
Methodology
The data is collected and published by the U.S. Census Bureau through its Quarterly Summary of State and Local Tax Revenue program.
Historical Context
This data is widely used by state policymakers, economists, and analysts to assess South Carolina's fiscal health and economic performance.
Key Facts
- South Carolina individual income taxes account for over 50% of total state tax revenue.
- In 2021, South Carolina collected $6.9 billion in individual income taxes.
- Individual income tax collections have grown by an average of 4% annually over the past decade in South Carolina.
FAQs
Q: What does this economic trend measure?
A: This data series tracks the total tax revenue collected by the South Carolina state government from individual income taxes.
Q: Why is this trend relevant for users or analysts?
A: Individual income tax collections are a key indicator of economic activity and a major revenue source for the South Carolina state government, making this data highly relevant for policymakers, economists, and analysts.
Q: How is this data collected or calculated?
A: The data is collected and published by the U.S. Census Bureau through its Quarterly Summary of State and Local Tax Revenue program.
Q: How is this trend used in economic policy?
A: This data is widely used by South Carolina policymakers, economists, and analysts to assess the state's fiscal health and economic performance, informing decisions on taxation, spending, and economic development.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Census Bureau, State Government Tax Collections, Individual Income Taxes in South Carolina (SCINCTAX), retrieved from FRED.