Individual Income Tax Filing: Excess Earned Income Credit (Refundable)
This dataset tracks individual income tax filing: excess earned income credit (refundable) over time.
Latest Value
23353285.00
Year-over-Year Change
20.08%
Date Range
1/1/1999 - 1/1/2016
Summary
The 'Individual Income Tax Filing: Excess Earned Income Credit (Refundable)' trend measures the total dollar amount of refundable earned income tax credits claimed by taxpayers on their individual income tax returns. This metric is crucial for understanding low-income household finances and assessing the effectiveness 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 excess earned income credit (EEIC) is a refundable tax credit that supplements the earnings of low- to moderate-income workers. This data series tracks the total dollar value of EEIC claimed by eligible taxpayers, providing insight into the reach and impact of this important income support program.
Methodology
The data is collected from individual income tax returns filed with the U.S. Internal Revenue Service.
Historical Context
The EEIC is a key policy tool used by lawmakers to alleviate poverty and boost financial security for working families.
Key Facts
- The EEIC was created in 1975 to offset the burden of Social Security taxes and supplement low wages.
- In 2021, over 25 million taxpayers claimed the EEIC, totaling $64 billion in refundable credits.
- The EEIC has been shown to increase employment and reduce poverty, especially for single mothers.
FAQs
Q: What does this economic trend measure?
A: The 'Individual Income Tax Filing: Excess Earned Income Credit (Refundable)' trend measures the total dollar value of refundable earned income tax credits claimed by eligible taxpayers on their individual income tax returns.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the reach and impact of the earned income tax credit, a key policy tool used to boost the financial security of low-income working families.
Q: How is this data collected or calculated?
A: The data is collected from individual income tax returns filed with the U.S. Internal Revenue Service.
Q: How is this trend used in economic policy?
A: The EEIC is a crucial income support program used by policymakers to alleviate poverty and supplement the earnings of low- to moderate-income workers.
Q: Are there update delays or limitations?
A: The data may have a lag of several months due to the individual income tax filing process.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Excess Earned Income Credit (Refundable) (ENINCCTEEI), retrieved from FRED.