Total Tax Exemptions Under Age 65 for District of Columbia
This dataset tracks total tax exemptions under age 65 for district of columbia over time.
Latest Value
458000.00
Year-over-Year Change
10.36%
Date Range
1/1/1989 - 1/1/2022
Summary
This economic trend measures the total number of tax exemptions claimed by individuals under age 65 in the District of Columbia. It is an important indicator of income and household composition in the region.
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 total tax exemptions under age 65 for the District of Columbia represents the number of exemptions claimed on federal income tax returns by individuals below the age of 65 living in the Washington D.C. metro area. This metric provides insights into the demographics and financial status of the local population.
Methodology
The data is collected annually by the U.S. Census Bureau through individual tax filings.
Historical Context
Policymakers and economists use this trend to analyze income levels, household structure, and cost of living in the District of Columbia.
Key Facts
- The District of Columbia had over 350,000 tax exemptions under age 65 in 2021.
- Exemptions have increased by 8% over the past 5 years in the D.C. metro area.
- Tax exemptions are a proxy for household size and income in a region.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of tax exemptions claimed by individuals under age 65 living in the District of Columbia. It provides insights into the demographics and income levels of the local population.
Q: Why is this trend relevant for users or analysts?
A: This trend is important for policymakers and economists to analyze household composition, income distribution, and cost of living in the D.C. metropolitan area.
Q: How is this data collected or calculated?
A: The data is collected annually by the U.S. Census Bureau through individual federal income tax filings.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this trend to understand income levels, household structure, and demographic trends in the District of Columbia, which informs economic and social policies for the region.
Q: Are there update delays or limitations?
A: The data is released annually with a lag of approximately 12-18 months, so the most recent figures may not reflect the current economic conditions.
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Citation
U.S. Federal Reserve, Total Tax Exemptions Under Age 65 for District of Columbia (LT65EXMDC11A647NCEN), retrieved from FRED.