Federal income and excess profits taxes, IRS
B1188C1A027NBEA • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
528.81
Year-over-Year Change
68.70%
Date Range
1/1/1929 - 1/1/2021
Summary
This economic trend measures federal income and excess profits taxes collected by the Internal Revenue Service (IRS). It provides important insights into government revenue and fiscal policy.
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 federal income and excess profits taxes series tracks the total amount of individual and corporate income taxes paid to the U.S. government. This metric is a key indicator of tax revenue and a critical input for policymakers analyzing the government's fiscal position.
Methodology
The data is collected and reported by the U.S. Bureau of Economic Analysis based on IRS tax collection records.
Historical Context
Federal tax revenue data is used by economists, policymakers, and investors to assess the government's fiscal health and the potential impact of tax policy changes.
Key Facts
- Taxes account for over 90% of total federal government receipts.
- Corporate income taxes make up around 10% of total federal tax revenue.
- Tax collections are a leading indicator of overall economic activity.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the total amount of federal income and excess profits taxes collected by the IRS, providing insights into government tax revenue.
Q: Why is this trend relevant for users or analysts?
A: Federal tax revenue data is a critical input for policymakers and economists analyzing the government's fiscal position and the potential impact of tax policy changes.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Bureau of Economic Analysis based on IRS tax collection records.
Q: How is this trend used in economic policy?
A: Federal tax revenue data is used by policymakers, economists, and investors to assess the government's fiscal health and the potential impact of tax policy changes.
Q: Are there update delays or limitations?
A: The data is reported on a regular basis with minimal delays, providing timely insights into federal tax collections.
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Citation
U.S. Federal Reserve, Federal income and excess profits taxes, IRS (B1188C1A027NBEA), retrieved from FRED.