State Government Tax Collections, Total Taxes in Wisconsin
WITOTLTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
25,496,076.00
Year-over-Year Change
59.40%
Date Range
1/1/1942 - 1/1/2024
Summary
This data series tracks the total tax revenue collected by the state government of Wisconsin. It provides an important indicator of the fiscal health and economic activity 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 total tax collections series measures the overall tax revenue generated by the Wisconsin state government from various sources, including individual income taxes, sales taxes, corporate taxes, and other fees. This data is used by economists, policymakers, and analysts to assess Wisconsin's fiscal and economic conditions.
Methodology
The data is collected and reported by the U.S. Census Bureau through surveys of state and local government finances.
Historical Context
This metric is closely watched by state officials, bond markets, and economic researchers to gauge Wisconsin's budgetary situation and economic performance.
Key Facts
- Wisconsin collected $21.4 billion in total taxes in 2020.
- Tax collections fell 4.5% in 2020 due to the COVID-19 pandemic.
- Individual income taxes account for over 50% of Wisconsin's total tax revenue.
FAQs
Q: What does this economic trend measure?
A: This data series tracks the total tax revenue collected by the state government of Wisconsin, including individual income taxes, sales taxes, corporate taxes, and other fees.
Q: Why is this trend relevant for users or analysts?
A: This metric is an important indicator of Wisconsin's fiscal health and overall economic activity, and is closely watched by state officials, bond markets, and economic researchers.
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 and local government finances.
Q: How is this trend used in economic policy?
A: State tax collection data is used by policymakers, economists, and analysts to assess Wisconsin's budgetary situation and economic performance, informing decisions around spending, taxation, and fiscal policy.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Total Taxes in Wisconsin (WITOTLTAX), retrieved from FRED.