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IPFS News Link • Business/ Commerce

$374,793,000,000: Sales Taxes Hit Record in 2016

• http://www.cnsnews.com, By Terence P. Jeffrey

That was up $1,535,980,000—or about 0.4 percent—from the $373,257,020,000 in general sales and gross receipt taxes (in constant 2016 dollars) that state and local governments collected in fiscal 2015.

Fiscal 2016 was the third year in a row that general sales and gross receipt taxes set a record.

Prior to fiscal 2014, when general sales and gross receipt taxes hit a then-record $356,969,050,000 (in constant 2016 dollars), the peak year for general sales and gross receipt taxes had been fiscal 2007, when state and local governments collected $353,205,000,000 in these taxes.

In fiscal 2008, 2009 and 2010, sales and gross receipt tax collections declined. Then, in fiscal 2011, they started climbing again.

The nationwide total for general sales and gross receipt taxes collected by state and local governments in fiscal 2016 was released last week with the Census Bureau's "Quarterly Summary of State and Local Government Tax Revenue for 2016: Q4."


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