Mean Adjusted Gross Income for Pennsylvania
MEANAGIPA42A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
92,500.00
Year-over-Year Change
54.46%
Date Range
1/1/1989 - 1/1/2022
Summary
The Mean Adjusted Gross Income for Pennsylvania measures the average income reported on tax returns filed by Pennsylvania residents. This metric is important for economists and policymakers to assess economic well-being and guide tax and fiscal policies.
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 Mean Adjusted Gross Income (AGI) for Pennsylvania represents the mean value of AGI reported on individual income tax returns filed by Pennsylvania residents. AGI is a key measure of household income and an important indicator of economic conditions in the state.
Methodology
The data is collected by the U.S. Internal Revenue Service (IRS) from individual income tax returns.
Historical Context
This metric is used by economists, policymakers, and market analysts to track trends in Pennsylvania's personal income and economic performance.
Key Facts
- The mean AGI for Pennsylvania was $58,700 in 2020.
- Pennsylvania's mean AGI has grown by 15% over the past decade.
- AGI data provides insight into the distribution of income across the state.
FAQs
Q: What does this economic trend measure?
A: The Mean Adjusted Gross Income for Pennsylvania measures the average income reported on individual tax returns filed by residents of the state.
Q: Why is this trend relevant for users or analysts?
A: This metric is an important indicator of economic well-being and household income in Pennsylvania, providing insights that can inform tax, fiscal, and economic policies.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Internal Revenue Service from individual income tax returns filed in Pennsylvania.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this data to assess the economic conditions and income distribution within Pennsylvania, which can inform tax policies, spending decisions, and other economic interventions.
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 tax returns to be filed and processed by the IRS.
Related Trends
State Tax Collections: T29 Other License Taxes for Ohio
QTAXT29QTAXCAT3OHNO
State Tax Collections: T01 Property Taxes for New Hampshire
QTAXT01QTAXCAT3NHNO
Age 65 and Over Tax Exemptions for New Mexico
AGEXMNM35A647NCEN
State Tax Collections: T99 Taxes, Not Elsewhere Classified for Nevada
QTAXT99QTAXCAT3NVNO
Poverty, Child Tax Exemptions for Missouri
PCHEXMMO29A647NCEN
State Tax Collections: Total Taxes for Louisiana
QTAXTOTALQTAXCAT3LANO
Citation
U.S. Federal Reserve, Mean Adjusted Gross Income for Pennsylvania (MEANAGIPA42A052NCEN), retrieved from FRED.