Total Tax Exemptions for New Jersey
TOTEXMNJ34A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,980,000.00
Year-over-Year Change
2.11%
Date Range
1/1/1989 - 1/1/2022
Summary
This economic trend measures the total number of tax exemptions claimed by New Jersey residents. It provides insight into the state's tax environment and the utilization of various tax relief programs.
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 Total Tax Exemptions for New Jersey metric tracks the aggregate number of exemptions claimed on individual income tax returns filed in the state. This data point is used by economists and policymakers to analyze the effectiveness of tax policies and assess the overall tax burden faced by New Jersey residents.
Methodology
The data is collected by the U.S. Census Bureau through the analysis of individual income tax returns filed in New Jersey.
Historical Context
This trend is closely monitored by state and federal policymakers when evaluating the impact of tax legislation and considering potential changes to the tax code.
Key Facts
- New Jersey residents claimed over 7 million tax exemptions in 2021.
- The average number of exemptions per tax return in New Jersey is 1.8.
- Tax exemptions have increased by 12% in New Jersey over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of tax exemptions claimed by individual income tax filers in the state of New Jersey.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the tax environment and utilization of tax relief programs in New Jersey, which is valuable information for economists, policymakers, and taxpayers.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through the analysis of individual income tax returns filed in New Jersey.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by state and federal policymakers when evaluating the impact of tax legislation and considering potential changes to the tax code.
Q: Are there update delays or limitations?
A: The data is published with a lag of approximately 6 months, and may not capture all tax returns filed in a given year.
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Citation
U.S. Federal Reserve, Total Tax Exemptions for New Jersey (TOTEXMNJ34A647NCEN), retrieved from FRED.