State Government Tax Collections, Total Selective Sales Taxes in Virginia
VATLSLTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,921,480.00
Year-over-Year Change
191.65%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures total selective sales tax collections by the state government of Virginia. It provides insights into consumer spending patterns and the state's tax revenue generation.
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 Selective Sales Taxes in Virginia data series tracks the total amount of selective sales taxes collected by the Virginia state government. Selective sales taxes are levied on specific goods and services, rather than general sales.
Methodology
The data is collected and reported by the U.S. Census Bureau.
Historical Context
This trend is used by economists and policymakers to analyze Virginia's fiscal health and consumer spending trends.
Key Facts
- Virginia collected $8.4 billion in total selective sales taxes in 2021.
- Selective sales taxes account for approximately 25% of Virginia's total tax revenue.
- Gasoline and tobacco products are two of the largest contributors to Virginia's selective sales tax collections.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of selective sales taxes collected by the state government of Virginia. Selective sales taxes are levied on specific goods and services, unlike general sales taxes.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into consumer spending patterns and the state's tax revenue generation, which are important for understanding Virginia's fiscal health and economic conditions.
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: Economists and policymakers use this trend to analyze Virginia's fiscal health and consumer spending trends, which can inform tax and economic policies.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Census Bureau, so there may be a delay of several months between the end of the reporting period and the public release of the data.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Total Selective Sales Taxes in Virginia (VATLSLTAX), retrieved from FRED.