Individual Income Tax Filing: Exemptions
This dataset tracks individual income tax filing: exemptions over time.
Latest Value
1146205770.00
Year-over-Year Change
43.15%
Date Range
1/1/1999 - 1/1/2016
Summary
The Individual Income Tax Filing: Exemptions trend measures the total number of tax exemptions claimed on individual income tax returns in the United States. This data provides insight into household demographics and tax filing patterns.
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 Individual Income Tax Filing: Exemptions metric tracks the total number of personal and dependent exemptions claimed on individual income tax returns filed with the Internal Revenue Service (IRS). This metric is used by economists and policymakers to analyze trends in household composition, income levels, and the impacts of changes to tax policies.
Methodology
The data is collected through the processing of individual income tax returns filed annually with the IRS.
Historical Context
Trends in tax exemptions are relevant for understanding the impact of tax policies on household budgets and consumption patterns.
Key Facts
- The total number of tax exemptions claimed has declined since the 2017 Tax Cuts and Jobs Act.
- Exemptions can be claimed for the taxpayer, spouse, and eligible dependents.
- Tax exemptions reduce a household's taxable income.
FAQs
Q: What does this economic trend measure?
A: The Individual Income Tax Filing: Exemptions trend tracks the total number of personal and dependent exemptions claimed on individual income tax returns filed with the IRS.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into household demographics and the impacts of tax policies on family budgets and consumption patterns.
Q: How is this data collected or calculated?
A: The data is collected through the processing of individual income tax returns filed annually with the IRS.
Q: How is this trend used in economic policy?
A: Trends in tax exemptions are relevant for understanding the impacts of tax policies on household finances and the broader economy.
Q: Are there update delays or limitations?
A: The data is subject to the annual IRS tax return filing and processing cycle, so there may be delays in the most recent data.
Related News
U.S. Natural Gas Prices Rise Due to Warmer Weather Forecasts
U.S. Natural Gas Prices Surge: Economic and Weather Patterns at Play The current surge in U.S. natural gas prices is reshaping the energy market landscape. Recent weather forecasts, combined with robust economic patterns, are pushing these prices skyward, affecting individuals and industries alike. This uptrend intertwines with broader energy market dynamics, such as climate patterns and economic impacts. Understanding these interconnected factors helps explain the increasingly volatile natural
US 10-year Treasury yield rise signals caution for investors
How the 10-Year Treasury Yield Surge Impacts Investors and the Fixed-Income Market The 10-year Treasury yield has surged past the 4% mark, capturing the attention of investors and markets alike. This rise is not just a random development; it signals broader shifts in the economic landscape, influencing everything from bond markets to investor strategies. When the 10-year Treasury yield shifts, it sends a ripple effect through financial ecosystems, underscoring its role as a critical economic in
U.S. Stock Futures Stagnant Despite Positive Jobless Claims and GDP
Why US Stock Futures Remain Stagnant Despite Positive Economic Indicators The current investment landscape is puzzling for many as US stock futures struggle to show a definite trend despite favorable economic signals. These signals, such as jobless claims and Q2 GDP figures, suggest a healthy economy. Given the roles of the stock market and the Federal Reserve's decisions on rate hikes, it is surprising to witness this stagnation. Inflation trends and the Fed's signals about future policies pla
U.S. Home Sales Decline In August Due To High Prices
August 2023 U.S. Home Sales Decline Amid Rising Mortgage Rates and High Prices In August 2023, U.S. home sales experienced a notable decline, highlighting a distressing trend in the housing market. Homeownership is more costly these days. High home prices and soaring 30 year mortgage rates, combined with limited housing inventory, pose significant challenges for potential buyers and cast a shadow on economic recovery efforts. Many potential homebuyers find themselves increasingly priced out of
U.S. jobless claims decline to lowest level since mid-July
U.S. Jobless Claims Drop: A Positive Sign for Economic Growth The U.S. economy is signaling a positive turn as the initial jobless claims have dropped to their lowest level since mid-July, suggesting a more resilient labor market. This decline in jobless claims is not just a number; it reflects crucial dynamics in the U.S. economy and employment landscape. As people file fewer claims for unemployment benefits, it suggests a strengthening employment market and a recovering economy. Also, the cur
U.S. Trade Deficit Decreases As Businesses Anticipate Tariff Hikes
U.S. Trade Deficit Reaches Two-Year Low Amid Anticipated Tariff Hikes The recent announcement that the U.S. trade deficit has reached a two-year low signals significant developments for the national economy. This change may, in part, be influenced by the anticipation of tariff hikes, which are affecting trade patterns. As this event unfolds, it has implications for the U.S. GDP, underscoring the importance of reducing the trade deficit. Trade tensions have long shaped the global economic landsc
Related Trends
Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
CPIAUCNS
Capacity Utilization: Total Index
TCU
Commercial and Industrial Loans, All Commercial Banks
TOTCI
Share of Foreign Born in Home Owners Loan Corporation (HOLC) Neighborhood A
RLMSHFBHOLCNA
Home Ownership Rate in Home Owners Loan Corporation (HOLC) Neighborhood C
RLMSHHORHOLCNC
Share of Foreign Born in Home Owners Loan Corporation (HOLC) Neighborhood C
RLMSHFBHOLCNC
Citation
U.S. Federal Reserve, Individual Income Tax Filing: Exemptions (EXMTSA), retrieved from FRED.