Federal income and excess profits taxes, IRS: U.S. tax credits claimed for foreign taxes paid
B1191C1A027NBEA • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
96.53
Year-over-Year Change
3.16%
Date Range
1/1/1929 - 1/1/2021
Summary
This trend measures U.S. tax credits claimed for foreign taxes paid, a key economic indicator of international tax burdens and income flows.
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, IRS: U.S. tax credits claimed for foreign taxes paid series tracks the total amount of foreign tax credits used by U.S. taxpayers to offset their federal income tax liability. This metric provides insight into the extent of international economic activity and the role of foreign taxes in the U.S. tax system.
Methodology
The data is collected from annual tax return filings with the Internal Revenue Service (IRS).
Historical Context
This trend is closely monitored by policymakers, multinational businesses, and tax analysts to understand the implications for trade, investment, and tax policy.
Key Facts
- The U.S. allows a tax credit for foreign income taxes paid to offset double taxation.
- Foreign tax credits claimed peaked at $129 billion in 2018.
- The trend reflects the global tax burden and cross-border economic activity.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of U.S. tax credits claimed by taxpayers for foreign income taxes paid, providing insight into international economic activity and tax burdens.
Q: Why is this trend relevant for users or analysts?
A: This metric is closely watched by policymakers, businesses, and analysts to understand the implications for trade, investment, and tax policy.
Q: How is this data collected or calculated?
A: The data is collected from annual tax return filings with the Internal Revenue Service (IRS).
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, multinational businesses, and tax analysts to assess the impact of international economic activity and foreign tax burdens on the U.S. tax system.
Q: Are there update delays or limitations?
A: The data is reported annually, with a typical 1-year delay in availability.
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Citation
U.S. Federal Reserve, Federal income and excess profits taxes, IRS: U.S. tax credits claimed for foreign taxes paid (B1191C1A027NBEA), retrieved from FRED.