Individual Income Tax Filing: Standard Deductions
This dataset tracks individual income tax filing: standard deductions over time.
Latest Value
103013095.00
Year-over-Year Change
22.61%
Date Range
1/1/1999 - 1/1/2016
Summary
The Individual Income Tax Filing: Standard Deductions trend measures the value of the standard deduction claimed by individual income tax filers in the United States. This metric is important for economists and policymakers to understand taxpayer behavior and the 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 standard deduction is a fixed amount that taxpayers can subtract from their taxable income, reducing their overall tax liability. This trend provides insight into the distribution and usage of the standard deduction, which is a key component of the U.S. individual income tax system.
Methodology
The data is collected and reported annually by the U.S. Internal Revenue Service (IRS) based on individual income tax return filings.
Historical Context
Analyzing trends in the standard deduction is crucial for understanding the effects of tax policy changes and evaluating the overall progressivity of the tax system.
Key Facts
- The average standard deduction claimed was $12,200 in 2019.
- Over 86% of taxpayers claimed the standard deduction in 2019.
- The standard deduction has increased significantly since the 2017 tax reform.
FAQs
Q: What does this economic trend measure?
A: The Individual Income Tax Filing: Standard Deductions trend measures the value of the standard deduction claimed by individual income tax filers in the United States.
Q: Why is this trend relevant for users or analysts?
A: Analyzing trends in the standard deduction is crucial for understanding the effects of tax policy changes and evaluating the overall progressivity of the tax system.
Q: How is this data collected or calculated?
A: The data is collected and reported annually by the U.S. Internal Revenue Service (IRS) based on individual income tax return filings.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the impact of tax policy changes and the overall distribution of the tax burden among individual taxpayers.
Q: Are there update delays or limitations?
A: The data is reported annually, with a typical one-year delay in publication, due to the nature of the individual income tax filing process.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Standard Deductions (DDSTR), retrieved from FRED.