Child Tax Exemptions for New Mexico
CHEXMNM35A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
458,000.00
Year-over-Year Change
-16.89%
Date Range
1/1/1989 - 1/1/2022
Summary
The Child Tax Exemptions for New Mexico trend measures the number of child tax exemptions claimed by New Mexico residents on their federal income tax returns. This data provides insight into family demographics and tax policies in the state.
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 Child Tax Exemptions for New Mexico series tracks the total number of dependent children claimed as tax exemptions by residents of New Mexico on their annual federal income tax returns. This metric serves as a proxy for the size and composition of families in the state, and can inform policy decisions related to child welfare, tax credits, and social programs.
Methodology
The data is collected by the U.S. Census Bureau through analysis of individual income tax filings.
Historical Context
Policymakers and economists use this trend to assess the impact of tax policies and social programs on New Mexico families.
Key Facts
- New Mexico had over 600,000 child tax exemptions claimed in 2020.
- The child tax exemption deduction was worth $2,000 per eligible child in 2022.
- Trends in child tax exemptions can indicate changes in family size and structure.
FAQs
Q: What does this economic trend measure?
A: The Child Tax Exemptions for New Mexico trend measures the total number of dependent children claimed as tax exemptions by residents of New Mexico on their federal income tax returns.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the size and composition of families in New Mexico, which can inform policy decisions related to child welfare, tax credits, and social programs.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through analysis of individual income tax filings.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the impact of tax policies and social programs on New Mexico families.
Q: Are there update delays or limitations?
A: The data may be subject to delays in processing and publishing of tax return information.
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Citation
U.S. Federal Reserve, Child Tax Exemptions for New Mexico (CHEXMNM35A647NCEN), retrieved from FRED.