Personal Taxes: Federal Income Taxes by Region: Residence in the Northeast Census Region
CXUFEDTAXESLB1102M • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
13,330.00
Year-over-Year Change
766.15%
Date Range
1/1/1984 - 1/1/2023
Summary
This economic trend measures federal income taxes paid by individuals residing in the Northeast Census Region of the United States. It provides insights into the tax burden and fiscal landscape of this geographic area.
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 Personal Taxes: Federal Income Taxes by Region: Residence in the Northeast Census Region series tracks the total amount of federal income taxes paid by individuals living in the Northeastern states, including Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont. This data is valuable for understanding regional differences in tax liabilities and can inform policymaking.
Methodology
The data is collected by the U.S. Internal Revenue Service (IRS) through individual income tax returns.
Historical Context
This economic indicator is closely watched by policymakers, economists, and financial analysts to assess the fiscal conditions and consumer spending power in the Northeast region.
Key Facts
- The Northeast region accounts for over 18% of the U.S. population.
- Federal income taxes in the Northeast make up approximately 25% of total U.S. federal income tax collections.
- Tax liabilities in the Northeast tend to be higher than the national average due to the region's higher cost of living and income levels.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of federal income taxes paid by individuals residing in the Northeastern states of the United States.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the tax burden and fiscal landscape of the Northeast region, which is valuable for policymakers, economists, and financial analysts to understand regional economic conditions and consumer spending power.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Internal Revenue Service (IRS) through individual income tax returns.
Q: How is this trend used in economic policy?
A: This economic indicator is closely watched by policymakers to assess the fiscal conditions and consumer spending power in the Northeast region, which can inform policy decisions.
Q: Are there update delays or limitations?
A: The data is subject to the typical update schedule and limitations of IRS tax return processing and publication.
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Citation
U.S. Federal Reserve, Personal Taxes: Federal Income Taxes by Region: Residence in the Northeast Census Region (CXUFEDTAXESLB1102M), retrieved from FRED.