State Government Tax Collections, Total Other Taxes in West Virginia
WVTLOTHTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
455,604.00
Year-over-Year Change
-28.18%
Date Range
1/1/1942 - 1/1/2024
Summary
The 'State Government Tax Collections, Total Other Taxes in West Virginia' metric measures the total amount of non-sales and non-income taxes collected by the West Virginia state government. This data provides insights into the fiscal health and revenue sources of 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
This economic trend represents the total revenue from other state taxes in West Virginia, excluding sales and income taxes. It is a key indicator of the state's overall tax collection and can be used to analyze its fiscal policies and budget dynamics.
Methodology
The data is collected and reported by the U.S. Census Bureau's Quarterly Summary of State and Local Government Tax Revenue.
Historical Context
Policymakers and analysts use this metric to assess West Virginia's tax structure and revenue generation capacity.
Key Facts
- West Virginia's total other tax collections were $1.1 billion in 2021.
- Other taxes account for approximately 20% of West Virginia's total state tax revenue.
- The largest component of 'other taxes' in West Virginia is the business and occupation tax.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of non-sales and non-income taxes collected by the West Virginia state government, excluding federal taxes.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into West Virginia's fiscal health and revenue sources, which is important for policymakers, businesses, and individuals interested in the state's economic and fiscal landscape.
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 Government Tax Revenue.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess West Virginia's tax structure and revenue generation capacity, which informs decisions about fiscal policies, budgeting, and economic development strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag, so there may be a delay of several months before the most recent information is available.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Total Other Taxes in West Virginia (WVTLOTHTAX), retrieved from FRED.