Individual Income Tax Filing: Exemptions
EXMTSA • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,146,205,770.00
Year-over-Year Change
43.15%
Date Range
1/1/1999 - 1/1/2016
Summary
The Individual Income Tax Filing: Exemptions trend measures the total number of tax exemptions claimed on individual income tax returns in the United States. This data provides insight into household demographics and tax filing patterns.
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 Individual Income Tax Filing: Exemptions metric tracks the total number of personal and dependent exemptions claimed on individual income tax returns filed with the Internal Revenue Service (IRS). This metric is used by economists and policymakers to analyze trends in household composition, income levels, and the impacts of changes to tax policies.
Methodology
The data is collected through the processing of individual income tax returns filed annually with the IRS.
Historical Context
Trends in tax exemptions are relevant for understanding the impact of tax policies on household budgets and consumption patterns.
Key Facts
- The total number of tax exemptions claimed has declined since the 2017 Tax Cuts and Jobs Act.
- Exemptions can be claimed for the taxpayer, spouse, and eligible dependents.
- Tax exemptions reduce a household's taxable income.
FAQs
Q: What does this economic trend measure?
A: The Individual Income Tax Filing: Exemptions trend tracks the total number of personal and dependent exemptions claimed on individual income tax returns filed with the IRS.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into household demographics and the impacts of tax policies on family budgets and consumption patterns.
Q: How is this data collected or calculated?
A: The data is collected through the processing of individual income tax returns filed annually with the IRS.
Q: How is this trend used in economic policy?
A: Trends in tax exemptions are relevant for understanding the impacts of tax policies on household finances and the broader economy.
Q: Are there update delays or limitations?
A: The data is subject to the annual IRS tax return filing and processing cycle, so there may be delays in the most recent data.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Exemptions (EXMTSA), retrieved from FRED.