U.S Individual Income Tax: Personal Exemptions: Single Persons
IITPESP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,050.00
Year-over-Year Change
26.56%
Date Range
1/1/1913 - 1/1/2017
Summary
The U.S. Individual Income Tax: Personal Exemptions: Single Persons series tracks the dollar value of the personal income tax exemption for single taxpayers in the United States. This metric is critical for understanding the tax burden on individual incomes.
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 exemption represents a deduction from taxable income that reduces the amount of income subject to federal income tax. Analyzing changes in this exemption level provides insight into U.S. tax policy and its impacts on personal finances.
Methodology
The data is collected and published by the U.S. Internal Revenue Service.
Historical Context
This economic indicator is closely monitored by policymakers, tax analysts, and individual taxpayers.
Key Facts
- The personal exemption for single filers was $4,050 in 2017.
- The exemption amount has remained unchanged since 2013.
- Changes to the personal exemption impact taxable income and tax liability for individual taxpayers.
FAQs
Q: What does this economic trend measure?
A: The U.S. Individual Income Tax: Personal Exemptions: Single Persons series tracks the dollar value of the personal income tax exemption for single taxpayers in the United States.
Q: Why is this trend relevant for users or analysts?
A: The personal exemption level is a critical factor in determining individual tax burdens and is closely monitored by policymakers, tax analysts, and individual taxpayers.
Q: How is this data collected or calculated?
A: The data is collected and published by the U.S. Internal Revenue Service.
Q: How is this trend used in economic policy?
A: Changes to the personal exemption amount are a key lever in U.S. tax policy and can significantly impact the finances of individual taxpayers.
Q: Are there update delays or limitations?
A: The data is published regularly by the IRS, but there may be some delay between the end of the tax year and the release of the final figures.
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Citation
U.S. Federal Reserve, U.S Individual Income Tax: Personal Exemptions: Single Persons (IITPESP), retrieved from FRED.