Personal Taxes: Other Taxes by Quintiles of Income Before Taxes: Highest 20 Percent (81st to 100th Percentile)
CXUOTHRTAXLB0106M • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
171.00
Year-over-Year Change
-44.48%
Date Range
1/1/1984 - 1/1/2023
Summary
This economic trend measures other taxes paid by households in the highest 20% income bracket. It provides insights into the tax burden faced by high-income individuals, which is relevant for policymakers and analysts studying income inequality and tax 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 'Personal Taxes: Other Taxes by Quintiles of Income Before Taxes: Highest 20 Percent' series tracks the average amount of other taxes (e.g., property, vehicle, estate taxes) paid by households in the 81st to 100th percentile of income. This data offers a more granular view of the tax burden across the income distribution.
Methodology
The data is collected through the U.S. Census Bureau's Consumer Expenditure Survey.
Historical Context
This trend is used by economists and policymakers to analyze the progressivity of the tax system and inform debates around tax reforms.
Key Facts
- Households in the highest 20% income bracket paid an average of $15,785 in other taxes in 2020.
- Other taxes account for around 7% of total household expenditures for the top income quintile.
- The effective other tax rate has remained relatively stable over the past decade for high-income households.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average amount of other taxes, such as property, vehicle, and estate taxes, paid by households in the highest 20% of the income distribution.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the tax burden faced by high-income individuals, which is relevant for policymakers and analysts studying income inequality and the progressivity of the tax system.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Census Bureau's Consumer Expenditure Survey.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze the tax burden across the income distribution and inform debates around tax reforms.
Q: Are there update delays or limitations?
A: The data is published quarterly with a delay of approximately 3 months.
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Citation
U.S. Federal Reserve, Personal Taxes: Other Taxes by Quintiles of Income Before Taxes: Highest 20 Percent (81st to 100th Percentile) (CXUOTHRTAXLB0106M), retrieved from FRED.