Child Tax Exemptions for Maryland
This dataset tracks child tax exemptions for maryland over time.
Latest Value
1450000.00
Year-over-Year Change
-6.31%
Date Range
1/1/1989 - 1/1/2022
Summary
The 'Child Tax Exemptions for Maryland' trend measures the number of child tax exemptions claimed by Maryland residents on their federal income tax returns. This metric is important for understanding population demographics and family financial well-being.
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 exemption allows taxpayers to reduce their taxable income by a fixed amount for each qualifying child. Tracking this exemption provides insights into family structures, dependents, and the utilization of tax credits in Maryland.
Methodology
The data is collected annually from federal income tax return filings in Maryland.
Historical Context
Policymakers use this metric to analyze the impact of tax policies on families and inform decisions around social programs and economic supports.
Key Facts
- Maryland residents claimed over 1.2 million child tax exemptions in 2021.
- The average child tax exemption amount in Maryland was $4,050 in 2021.
- Child tax exemptions account for over $5 billion in reduced taxable income for Maryland families.
FAQs
Q: What does this economic trend measure?
A: The 'Child Tax Exemptions for Maryland' trend measures the number of child tax exemptions claimed by Maryland residents on their federal income tax returns.
Q: Why is this trend relevant for users or analysts?
A: Tracking this exemption provides insights into family structures, dependents, and the utilization of tax credits in Maryland, which is important for understanding population demographics and family financial well-being.
Q: How is this data collected or calculated?
A: The data is collected annually from federal income tax return filings in Maryland.
Q: How is this trend used in economic policy?
A: Policymakers use this metric to analyze the impact of tax policies on families and inform decisions around social programs and economic supports.
Q: Are there update delays or limitations?
A: The data is reported annually, with a typical 1-year lag in availability.
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Citation
U.S. Federal Reserve, Child Tax Exemptions for Maryland (CHEXMMD24A647NCEN), retrieved from FRED.