Individual Income Tax Filing: Income Tax Before Credits
This dataset tracks individual income tax filing: income tax before credits over time.
Latest Value
115181682.00
Year-over-Year Change
12.11%
Date Range
1/1/1999 - 1/1/2016
Summary
This economic trend measures the total amount of individual income tax liability before tax credits are applied. It provides insight into the overall tax burden on individual taxpayers in the United States.
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: Income Tax Before Credits trend represents the total amount of federal income tax owed by individual taxpayers before accounting for any deductions or tax credits. This metric is useful for economists and policymakers to understand the underlying tax obligations of households and individuals.
Methodology
The data is collected by the U.S. Internal Revenue Service (IRS) from individual income tax returns.
Historical Context
This trend is used to analyze the impact of changes in tax policy on individual taxpayers.
Key Facts
- The total individual income tax before credits was $1.83 trillion in 2020.
- This trend has increased by an average of 4.2% annually over the past decade.
- Individual income tax payments make up the largest source of federal government revenue.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of federal income tax owed by individual taxpayers before accounting for any deductions or tax credits.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the overall tax burden on individual taxpayers, which is useful for economists and policymakers to understand the impact of changes in tax 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 used to analyze the impact of changes in tax policy on individual taxpayers, such as the effects of tax rate adjustments or the introduction of new tax credits.
Q: Are there update delays or limitations?
A: The data is typically published with a 1-2 year lag due to the time required for individual tax returns to be processed and compiled by the IRS.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Income Tax Before Credits (INCTXBCT), retrieved from FRED.