Personal Taxes: Federal Income Taxes by Occupation: Wage and Salary Earners: Construction Workers and Mechanics
CXUFEDTAXESLB1207M • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,441.00
Year-over-Year Change
608.58%
Date Range
1/1/1984 - 1/1/2023
Summary
This economic trend measures federal income taxes paid by construction workers and mechanics, a key indicator of the tax burden on wage and salary earners in those occupations.
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 Occupation: Wage and Salary Earners: Construction Workers and Mechanics series provides insights into the tax liabilities of workers in the construction industry, which is an important sector for assessing broader economic conditions.
Methodology
The data is collected by the U.S. Internal Revenue Service from individual income tax returns.
Historical Context
This metric is closely watched by policymakers and analysts to gauge the impact of tax policies on middle-class households.
Key Facts
- Construction workers and mechanics account for over 5 million U.S. jobs.
- Federal income taxes make up a significant portion of take-home pay for these workers.
- The trend has shown modest declines in recent years due to tax code changes.
FAQs
Q: What does this economic trend measure?
A: This trend measures the federal income taxes paid by wage and salary earners employed as construction workers and mechanics.
Q: Why is this trend relevant for users or analysts?
A: The taxes paid by workers in the construction industry provide insight into the financial situation of middle-class households and the impact of tax policies.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Internal Revenue Service from individual income tax returns.
Q: How is this trend used in economic policy?
A: Policymakers and analysts closely monitor this metric to assess the effects of tax policies on middle-income families and the broader construction sector.
Q: Are there update delays or limitations?
A: There may be lags in data availability due to the time required for tax return processing and reporting.
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Citation
U.S. Federal Reserve, Personal Taxes: Federal Income Taxes by Occupation: Wage and Salary Earners: Construction Workers and Mechanics (CXUFEDTAXESLB1207M), retrieved from FRED.