Individual Income Tax Filing: Tax Credits: Child Tax Credit
This dataset tracks individual income tax filing: tax credits: child tax credit over time.
Latest Value
26800252.00
Year-over-Year Change
-17.03%
Date Range
1/1/1999 - 1/1/2016
Summary
The Child Tax Credit (CTC) is a refundable tax credit for eligible taxpayers with qualifying children. It helps offset the costs of raising children and is an important policy tool for supporting families.
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 Child Tax Credit is a federal tax credit that allows eligible taxpayers to claim a credit per qualifying child under age 17. It helps offset the costs of raising children and is an important policy instrument for supporting families and encouraging child-rearing.
Methodology
The CTC data is collected and reported by the U.S. Internal Revenue Service based on tax returns filed by eligible individuals.
Historical Context
The CTC is used by policymakers to provide tax relief to families and incentivize child-rearing as part of broader economic and social policy.
Key Facts
- The CTC was first introduced in 1997.
- The maximum CTC amount is $2,000 per qualifying child.
- The CTC is refundable, meaning families can receive it even if they don't owe federal income tax.
FAQs
Q: What does the Child Tax Credit measure?
A: The Child Tax Credit measures the total amount of tax credits claimed by eligible taxpayers for qualifying children under age 17.
Q: Why is the Child Tax Credit relevant for users or analysts?
A: The CTC is an important policy tool for supporting families and child-rearing, and its usage can provide insights into the financial well-being of households with children.
Q: How is the Child Tax Credit data collected or calculated?
A: The CTC data is collected and reported by the U.S. Internal Revenue Service based on tax returns filed by eligible individuals.
Q: How is the Child Tax Credit used in economic policy?
A: The CTC is used by policymakers to provide tax relief to families and incentivize child-rearing as part of broader economic and social policy.
Q: Are there update delays or limitations for the Child Tax Credit data?
A: The CTC data may be subject to typical tax filing and processing delays, and the data may not capture all eligible recipients due to non-filing or other limitations.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Tax Credits: Child Tax Credit (CDTXCTA), retrieved from FRED.