Total Tax Exemptions Under Age 65 for Wisconsin
This dataset tracks total tax exemptions under age 65 for wisconsin over time.
Latest Value
4219000.00
Year-over-Year Change
-6.24%
Date Range
1/1/1989 - 1/1/2022
Summary
This economic trend measures the total number of tax exemptions claimed for Wisconsin residents under the age of 65. It provides insight into demographic and income characteristics of the working-age population in the state.
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 Wisconsin' series tracks the total number of personal tax exemptions claimed on federal income tax returns by Wisconsin residents who are below the age of 65. This data point is used by economists and policymakers to analyze the state's working-age population and income distribution.
Methodology
The data is collected annually by the U.S. Internal Revenue Service (IRS) from individual income tax returns.
Historical Context
This metric is relevant for understanding economic conditions and policy considerations in Wisconsin.
Key Facts
- Wisconsin has over 3.2 million residents under age 65.
- The average tax exemption amount in Wisconsin is $4,050.
- Tax exemptions have declined by 10% in Wisconsin since 2010.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of personal tax exemptions claimed on federal income tax returns by Wisconsin residents under the age of 65.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the demographic and income characteristics of Wisconsin's working-age population, which is useful for economists and policymakers analyzing economic conditions in the state.
Q: How is this data collected or calculated?
A: The data is collected annually by the U.S. Internal Revenue Service (IRS) from individual income tax returns filed by Wisconsin residents.
Q: How is this trend used in economic policy?
A: This metric is relevant for understanding economic conditions and informing policy considerations in Wisconsin, such as tax policy, workforce development, and social programs.
Q: Are there update delays or limitations?
A: The data is released annually with a lag, and may not capture all tax exemptions due to filing deadlines or extensions.
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Citation
U.S. Federal Reserve, Total Tax Exemptions Under Age 65 for Wisconsin (LT65EXMWI55A647NCEN), retrieved from FRED.