State Government Tax Collections, General Sales and Gross Receipts Taxes in Virginia
VASALESTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,395,083.00
Year-over-Year Change
112.05%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures state government tax collections from general sales and gross receipts taxes in Virginia. It is an important indicator of consumer spending and economic activity in 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, General Sales and Gross Receipts Taxes in Virginia series tracks the revenue generated by the state's sales tax and other transaction-based levies. This metric provides insight into Virginia's economic performance and consumer confidence.
Methodology
The data is collected and reported by the U.S. Census Bureau's Quarterly Summary of State and Local Tax Revenue.
Historical Context
This trend is widely used by policymakers, economists, and market analysts to assess the health of Virginia's economy and consumer sector.
Key Facts
- Virginia's sales tax rate is currently 4.15%.
- Sales tax collections account for over 50% of the state's total tax revenue.
- General sales and gross receipts taxes make up the largest source of state tax collections in Virginia.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of tax revenue collected by the state government of Virginia from general sales and gross receipts taxes.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insight into consumer spending and economic activity within Virginia, which is crucial for policymakers, businesses, and market analysts to understand.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau's Quarterly Summary of State and Local Tax Revenue.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor this trend to assess the health of Virginia's economy and consumer sector, which informs decision-making on fiscal and economic policies.
Q: Are there update delays or limitations?
A: The data is published on a quarterly basis, so there may be a 3-month delay in the most recent figures being available.
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Citation
U.S. Federal Reserve, State Government Tax Collections, General Sales and Gross Receipts Taxes in Virginia (VASALESTAX), retrieved from FRED.