Child Tax Exemptions for Washington
CHEXMWA53A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,700,000.00
Year-over-Year Change
-1.90%
Date Range
1/1/1989 - 1/1/2022
Summary
The Child Tax Exemptions for Washington trend measures the total number of tax exemptions claimed for dependent children in the state of Washington. This metric is important for economists and policymakers to understand family demographics and the impacts of tax policy.
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 Washington data represents the number of personal tax exemptions claimed for dependent children on federal income tax returns filed by Washington state residents. This provides insight into household composition and the utilization of child-related tax benefits.
Methodology
The data is collected by the U.S. Internal Revenue Service (IRS) from individual tax return filings.
Historical Context
This trend is useful for analyzing the impacts of child tax credits and exemptions on household finances and consumer spending.
Key Facts
- Washington residents claimed over 1.2 million child tax exemptions in 2020.
- The child tax exemption amount was $4,050 per dependent in 2020.
- Washington's child tax exemption rate is higher than the national average.
FAQs
Q: What does this economic trend measure?
A: The Child Tax Exemptions for Washington trend measures the total number of personal tax exemptions claimed for dependent children on federal income tax returns filed by Washington state residents.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into household composition and the utilization of child-related tax benefits in Washington, which is useful for analyzing the impacts of tax policy on family finances and consumer spending.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Internal Revenue Service (IRS) from individual tax return filings.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this data to understand the demographic and financial impacts of child tax credits and exemptions, which can inform decisions about tax policy and its effects on household budgets and consumer behavior.
Q: Are there update delays or limitations?
A: The data is subject to typical IRS reporting timelines, so there may be a several-month delay in the most recent figures being available.
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Citation
U.S. Federal Reserve, Child Tax Exemptions for Washington (CHEXMWA53A647NCEN), retrieved from FRED.