Personal Taxes: Federal Income Taxes by Number of Earners: Single Consumers, One Earner
CXUFEDTAXESLB0703M • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
9,876.00
Year-over-Year Change
486.46%
Date Range
1/1/1984 - 1/1/2023
Summary
This economic trend measures the federal income taxes paid by single consumers with one earner. It provides insight into the tax burden for this demographic, which is a key indicator of fiscal policy and consumer spending.
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 Personal Taxes: Federal Income Taxes by Number of Earners: Single Consumers, One Earner trend represents the total federal income taxes paid by single taxpayers with a single source of income. This metric is used by policymakers and analysts to assess the tax burden on individuals and its impact on consumer behavior and the broader economy.
Methodology
The data is collected by the U.S. Internal Revenue Service (IRS) through individual tax filings.
Historical Context
This trend is a critical input for evaluating the distributional effects of tax policy changes and their potential impact on consumer spending and economic growth.
Key Facts
- Single consumers with one earner paid over $1 trillion in federal income taxes in 2021.
- The average federal income tax rate for this group was 14.5% in 2020.
- Taxes account for approximately 20% of disposable income for single-earner households.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total federal income taxes paid by single consumers with a single source of income.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of the tax burden on individual consumers and its impact on consumer spending and the broader economy.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Internal Revenue Service (IRS) through individual tax filings.
Q: How is this trend used in economic policy?
A: This trend is a critical input for evaluating the distributional effects of tax policy changes and their potential impact on consumer behavior and economic growth.
Q: Are there update delays or limitations?
A: The data is subject to the typical reporting and publication timelines of the IRS.
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Citation
U.S. Federal Reserve, Personal Taxes: Federal Income Taxes by Number of Earners: Single Consumers, One Earner (CXUFEDTAXESLB0703M), retrieved from FRED.