U.S Individual Income Tax: Personal Exemptions: Married Couples
IITPEMC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,010.00
Year-over-Year Change
25.16%
Date Range
1/1/1913 - 1/1/2017
Summary
The 'U.S. Individual Income Tax: Personal Exemptions: Married Couples' trend measures the value of personal exemptions for married taxpayers in the U.S. income tax system. This data point is a key indicator for analyzing the tax burden and equity implications of the federal tax code.
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 exemption is a fixed deduction from taxable income that reduces the amount of income subject to federal income tax. This metric specifically tracks the value of the personal exemption for married couples filing jointly, which is an important factor in determining tax liability and disposable income for a significant segment of U.S. households.
Methodology
The data is collected and reported by the U.S. Internal Revenue Service.
Historical Context
Policymakers and economists use this metric to assess the progressivity and distributional impacts of the individual income tax system.
Key Facts
- The personal exemption was $4,050 per taxpayer in 2017.
- The exemption has been frozen since 2018 due to tax reform.
- Married couples can claim two personal exemptions on their joint return.
FAQs
Q: What does this economic trend measure?
A: The 'U.S. Individual Income Tax: Personal Exemptions: Married Couples' trend measures the value of the personal income tax exemption for married couples filing jointly.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for analyzing the tax burden and distributional impacts of the federal income tax system, as the personal exemption is a key factor in determining disposable household income.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Internal Revenue Service.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess the progressivity and equity implications of the individual income tax code.
Q: Are there update delays or limitations?
A: The personal exemption amount has been frozen at $4,050 since 2018 due to tax reform legislation, so updates to this series may be limited.
Related Trends
Individual Income Tax Filing: Returns with Additional Standard Deductions for Age 65 or Over or Blindness
SDRASDOB
Median Adjusted Gross Income for Nevada
MEDAGINV32A052NCEN
Individual Income Tax Filing: Refundable American Opportunity Credit Used to Offset Other Taxes
RFAOCTOAT
State Tax Collections: T16 Tobacco Products Sales Tax for New Jersey
QTAXT16QTAXCAT3NJNO
State Tax Collections: T99 Taxes, Not Elsewhere Classified for Florida
QTAXT99QTAXCAT3FLNO
Total Tax Exemptions Under Age 65 for California
LT65EXMCA6A647NCEN
Citation
U.S. Federal Reserve, U.S. Individual Income Tax: Personal Exemptions: Married Couples (IITPEMC), retrieved from FRED.