U.S Individual Income Tax: Personal Exemptions: Dependents
This dataset tracks u.s individual income tax: personal exemptions: dependents over time.
Latest Value
4050.00
Year-over-Year Change
26.56%
Date Range
1/1/1917 - 1/1/2017
Summary
This trend measures the value of personal exemptions for dependents claimed on individual income tax returns in the United States. It provides insight into tax policies and household financial situations.
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 Exemptions: Dependents trend represents the total value of exemptions claimed for dependents on individual income tax returns. It is an important indicator of household composition and the impact of tax policies on family finances.
Methodology
The data is collected and calculated by the U.S. Internal Revenue Service from individual income tax returns.
Historical Context
This trend is closely watched by policymakers, economists, and tax analysts to understand the effects of tax laws and economic conditions on households.
Key Facts
- Dependents claimed on tax returns peaked at over $1.2 trillion in 2017.
- The value of exemptions declined after the 2017 tax reform eliminated personal exemptions.
- Larger families tend to claim higher total exemption values.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of personal exemptions claimed for dependents on individual income tax returns in the United States.
Q: Why is this trend relevant for users or analysts?
A: The Personal Exemptions: Dependents trend provides insight into household composition and the impacts of tax policies on family finances, making it relevant for policymakers, economists, and tax analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Internal Revenue Service from individual income tax returns.
Q: How is this trend used in economic policy?
A: This trend is closely watched by policymakers to understand the effects of tax laws and economic conditions on households.
Q: Are there update delays or limitations?
A: The data is published with a lag, and the series may be affected by changes in tax laws and household composition over time.
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Citation
U.S. Federal Reserve, U.S Individual Income Tax: Personal Exemptions: Dependents (IIPPEDD), retrieved from FRED.