Child Tax Exemptions for South Carolina
CHEXMSC45A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,220,000.00
Year-over-Year Change
3.28%
Date Range
1/1/1989 - 1/1/2022
Summary
The Child Tax Exemptions for South Carolina measures the number of child tax exemptions claimed by taxpayers in the state. This metric is important for understanding population demographics and the potential impact of tax policy changes.
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 South Carolina represents the total number of child tax exemptions claimed on federal income tax returns by residents of the state. This data point provides insight into family structure and can inform policy decisions around tax credits, social services, and economic support programs.
Methodology
The data is collected by the U.S. Internal Revenue Service from individual tax return filings.
Historical Context
Policymakers and economists use this trend to analyze the potential effects of tax policy changes on South Carolina families and the state's overall economic and demographic landscape.
Key Facts
- South Carolina's child tax exemptions peaked in 2019 at over 1.2 million.
- The number of child tax exemptions has declined since 2017 due to changes in federal tax law.
- Child tax exemptions account for a significant portion of South Carolina's total tax filings.
FAQs
Q: What does this economic trend measure?
A: The Child Tax Exemptions for South Carolina measures the total number of child tax exemptions claimed by taxpayers in the state on their federal income tax returns.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into South Carolina's family demographics and can inform policy decisions around tax credits, social services, and economic support programs for families in the state.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Internal Revenue Service from individual tax return filings.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to analyze the potential effects of tax policy changes on South Carolina families and the state's overall economic and demographic landscape.
Q: Are there update delays or limitations?
A: The data is subject to the typical delays associated with the processing of individual tax returns by the IRS.
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Citation
U.S. Federal Reserve, Child Tax Exemptions for South Carolina (CHEXMSC45A647NCEN), retrieved from FRED.