Friday, March 23, 2018

State and Local Income, Sales and Property Taxes All Hit Records in 2017

By Terence P. Jeffrey | March 22, 2018

Real state and local income, sales and property taxes all hit records in 2017, according to data released this week by the Census Bureau.  State and local governments collected a record $404,509,000,000 in individual income taxes in 2017, according to the Census Bureau. Before 2017, the greatest level of individual income tax revenues collected by state and local governments occurred in 2015, when those governments collected $399,933,270,000 in individual income taxes (in constant 2017 dollars converted using the Bureau of Labor Statistics inflation calculator).

State and local governments also collected a record $386,153,000,000 in general sales and gross receipts taxes in 2017. Prior to that, the largest state and local general sales and gross receipt tax collections took place in 2015, when state and local governments collected $385,904,260,000 in those taxes (in constant 2017 dollars).......To Read More.....

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