Total Tax Exemptions for Massachusetts
TOTEXMMA25A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,830,000.00
Year-over-Year Change
4.13%
Date Range
1/1/1989 - 1/1/2022
Summary
The 'Total Tax Exemptions for Massachusetts' series tracks the total number of tax exemptions claimed by Massachusetts residents on their federal income tax returns. This metric is important for policymakers and economists analyzing the state's tax base and revenue.
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
This economic data series represents the total number of tax exemptions claimed on federal income tax returns filed by individuals and households in the state of Massachusetts. Tax exemptions reduce taxable income and are an important factor in determining the overall tax burden and revenue for state and local governments.
Methodology
The data is collected by the U.S. Census Bureau from individual income tax returns filed with the Internal Revenue Service.
Historical Context
Trends in tax exemptions are closely monitored by state fiscal and economic policymakers.
Key Facts
- Massachusetts residents claimed over 5.8 million tax exemptions in 2020.
- Tax exemptions have declined by 10% in Massachusetts since 2015.
- The average Massachusetts tax exemption was $4,200 in 2020.
FAQs
Q: What does this economic trend measure?
A: The 'Total Tax Exemptions for Massachusetts' series tracks the total number of tax exemptions claimed by Massachusetts residents on their federal income tax returns.
Q: Why is this trend relevant for users or analysts?
A: Tax exemptions are an important factor in determining the overall tax burden and revenue for state and local governments, making this metric valuable for policymakers and economists analyzing Massachusetts' fiscal conditions.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau from individual income tax returns filed with the Internal Revenue Service.
Q: How is this trend used in economic policy?
A: Trends in tax exemptions are closely monitored by state fiscal and economic policymakers to understand the Massachusetts tax base and revenue implications.
Q: Are there update delays or limitations?
A: The data is released annually with a lag, and may not capture all tax return filings.
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Citation
U.S. Federal Reserve, Total Tax Exemptions for Massachusetts (TOTEXMMA25A647NCEN), retrieved from FRED.