Child Tax Exemptions for Kansas
This dataset tracks child tax exemptions for kansas over time.
Latest Value
722000.00
Year-over-Year Change
-9.49%
Date Range
1/1/1989 - 1/1/2022
Summary
The 'Child Tax Exemptions for Kansas' trend measures the total number of child tax exemptions claimed by Kansas residents on their federal income tax returns. This metric is important for understanding the impact of tax policy on families and household finances.
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 Exemptions for Kansas' statistic tracks the total number of children that Kansas taxpayers claim as dependents to reduce their federal income tax liability. This data provides insight into the utilization of child-related tax benefits and can inform discussions around family-focused policies.
Methodology
The data is collected by the U.S. Internal Revenue Service (IRS) from individual tax returns filed by Kansas residents.
Historical Context
Policymakers and economists use this trend to assess the financial impact of tax exemptions on Kansas families and evaluate the effectiveness of child-focused tax policies.
Key Facts
- Kansas residents claimed over 1 million child tax exemptions in 2020.
- The average number of child exemptions per Kansas tax return was 1.5 in 2019.
- Child tax exemptions reduced Kansas residents' federal tax liability by $3.2 billion in 2018.
FAQs
Q: What does this economic trend measure?
A: The 'Child Tax Exemptions for Kansas' trend measures the total number of child tax exemptions claimed by Kansas residents on their federal income tax returns.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the utilization of child-related tax benefits and can inform discussions around family-focused tax policies in Kansas.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Internal Revenue Service (IRS) from individual tax returns filed by Kansas residents.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the financial impact of tax exemptions on Kansas families and evaluate the effectiveness of child-focused tax policies.
Q: Are there update delays or limitations?
A: The data is published with a 1-2 year lag, so the most recent figures may not reflect the current tax year.
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Citation
U.S. Federal Reserve, Child Tax Exemptions for Kansas (CHEXMKS20A647NCEN), retrieved from FRED.