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Monday, December 23, 2024

Kentucky collects $41 million in miscellaneous taxes during Q3 2021

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Kentucky collected $41 million in miscellaneous tax revenue during the third quarter of 2021, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

This is a decrease of 6.8% compared to the previous quarter, when Kentucky collected $44 million in such taxes.

Overall, Kentucky collected $3.6 billion in combined tax revenues in the third quarter of 2021.

During 2023, the U.S. government collected a total of $4.44 trillion in revenue. Individual income taxes were the biggest contributor, generating $2.18 trillion—nearly half of all revenue collected. Payroll taxes came in second, adding around $1.6 trillion to revenue. The third largest source was corporate income taxes, generating $420 billion.

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Q3 2021 Kentucky Tax Collections

Type of TaxAmount (in millions of dollars)
Sales and Gross Receipts Taxes$1,854
Income Taxes$1,553
License Taxes$97
Property Taxes$63
Miscellaneous Taxes$41

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