Child Tax Exemptions for New Jersey
CHEXMNJ34A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,230,000.00
Year-over-Year Change
-8.55%
Date Range
1/1/1989 - 1/1/2022
Summary
The Child Tax Exemptions for New Jersey metric tracks the number of federal tax exemptions claimed for children in the state. This data provides insights into family demographics and trends in child-related tax benefits.
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 New Jersey data series represents the total number of federal tax exemptions claimed for dependent children by New Jersey residents. This metric is used by economists and policymakers to analyze changes in family composition, assess the impact of child-related tax policies, and forecast trends in tax revenue.
Methodology
The data is collected annually by the U.S. Internal Revenue Service from individual tax returns filed by New Jersey residents.
Historical Context
Trends in child tax exemptions are relevant for evaluating the effects of tax policy changes on families and informing decisions about social programs and public investment.
Key Facts
- New Jersey residents claimed over 2.5 million child tax exemptions in 2020.
- Child tax exemptions have declined by 8% in New Jersey over the past decade.
- The average number of child exemptions per tax return in New Jersey is 1.2.
FAQs
Q: What does this economic trend measure?
A: The Child Tax Exemptions for New Jersey metric tracks the number of federal tax exemptions claimed for dependent children by residents of the state.
Q: Why is this trend relevant for users or analysts?
A: Trends in child tax exemptions provide insights into family demographics and the impact of child-related tax policies, which is useful for economists, policymakers, and analysts.
Q: How is this data collected or calculated?
A: The data is collected annually by the U.S. Internal Revenue Service from individual tax returns filed by New Jersey residents.
Q: How is this trend used in economic policy?
A: Trends in child tax exemptions are relevant for evaluating the effects of tax policy changes on families and informing decisions about social programs and public investment.
Q: Are there update delays or limitations?
A: The data is released annually with a typical 6-month delay due to tax return processing timelines.
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Citation
U.S. Federal Reserve, Child Tax Exemptions for New Jersey (CHEXMNJ34A647NCEN), retrieved from FRED.