Individual Income Tax Filing: Tax Credits
TXCDTNRA • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
75,380,997.00
Year-over-Year Change
43.95%
Date Range
1/1/1999 - 1/1/2016
Summary
The 'Individual Income Tax Filing: Tax Credits' trend measures the total value of tax credits claimed by individual income tax filers in the United States. This data is crucial for understanding the impact of tax policy on household finances and economic behavior.
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 trend represents the aggregate dollar amount of tax credits claimed by individual income tax filers, including credits for dependent children, education expenses, and other eligible expenses. Tax credits directly reduce tax liability, making them an important policy tool for supporting households and incentivizing certain economic activities.
Methodology
The data is collected by the U.S. Internal Revenue Service from individual income tax returns.
Historical Context
Policymakers and economists analyze this trend to assess the effectiveness of tax credit programs and their influence on consumer spending, investment, and other economic indicators.
Key Facts
- Tax credits reduce tax liability dollar-for-dollar.
- The U.S. offers tax credits for children, education, and other eligible expenses.
- Tax credits aim to support household finances and encourage certain economic behaviors.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total dollar value of tax credits claimed by individual income tax filers in the United States.
Q: Why is this trend relevant for users or analysts?
A: This trend is important for understanding the impact of tax policy on household finances and economic behavior, as tax credits directly reduce tax liability.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Internal Revenue Service from individual income tax returns.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this trend to assess the effectiveness of tax credit programs and their influence on consumer spending, investment, and other economic indicators.
Q: Are there update delays or limitations?
A: The data is subject to the reporting timelines of the Internal Revenue Service and may have a delay in publication.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Tax Credits (TXCDTNRA), retrieved from FRED.