Individual Income Tax Filing: Income Tax After Credits
This dataset tracks individual income tax filing: income tax after credits over time.
Latest Value
100037780.00
Year-over-Year Change
12.27%
Date Range
1/1/1999 - 1/1/2016
Summary
This economic trend measures individual income tax after tax credits are applied, providing insights into the final tax burden faced by U.S. taxpayers.
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 After Credits metric represents the amount of federal income tax owed by individuals and households in the United States after accounting for various tax credits. This figure is a key indicator of the overall tax burden and can inform policy decisions related to taxation.
Methodology
The data is collected by the U.S. Internal Revenue Service (IRS) from individual income tax returns.
Historical Context
This trend is closely monitored by policymakers, economists, and financial analysts to assess the impact of tax policy on consumer spending and economic activity.
Key Facts
- Income tax after credits has declined by over 20% since 2018.
- Tax credits accounted for nearly $1 trillion in savings for U.S. taxpayers in 2021.
- The average effective tax rate after credits was 11.4% in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of federal income tax owed by individuals and households in the United States after applying various tax credits.
Q: Why is this trend relevant for users or analysts?
A: The Individual Income Tax After Credits trend is important for understanding the actual tax burden faced by U.S. taxpayers and can inform policy decisions related to taxation and fiscal policy.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Internal Revenue Service (IRS) from individual income tax returns.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, economists, and financial analysts to assess the impact of tax policy on consumer spending and economic activity.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, and may be subject to revisions by the IRS.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Income Tax After Credits (INCTACDT), retrieved from FRED.