State Government Tax Collections, Insurance Premiums - Selective Sales Taxes in South Carolina
SCINSURTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
361,495.00
Year-over-Year Change
150.91%
Date Range
1/1/1942 - 1/1/2024
Summary
This trend measures the total tax collections from insurance premiums by the state government of South Carolina. It is an important indicator of the state's tax revenue and economic conditions.
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, Insurance Premiums - Selective Sales Taxes in South Carolina' series tracks the tax revenue collected by the South Carolina government on insurance premiums. This metric provides insight into the insurance industry's economic activity and the state's tax base.
Methodology
The data is collected and reported by the U.S. Census Bureau through surveys of state government finances.
Historical Context
Policymakers and analysts use this trend to assess South Carolina's fiscal health and the performance of its insurance sector.
Key Facts
- South Carolina collects taxes on insurance premiums as a selective sales tax.
- Insurance premium tax collections account for a significant portion of the state's total tax revenue.
- The trend has shown fluctuations over time, reflecting changes in the insurance industry and economic conditions.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total tax revenue collected by the state government of South Carolina on insurance premiums.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance of South Carolina's insurance industry and the state's fiscal health, which is relevant for policymakers, economists, and market analysts.
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 government finances.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess South Carolina's fiscal situation and the economic conditions of the state's insurance sector, which can inform policy decisions.
Q: Are there update delays or limitations?
A: The data is published with a delay, as it relies on government survey responses, and may be subject to revisions over time.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Insurance Premiums - Selective Sales Taxes in South Carolina (SCINSURTAX), retrieved from FRED.