Mean Adjusted Gross Income for West Virginia
This dataset tracks mean adjusted gross income for west virginia over time.
Latest Value
69000.00
Year-over-Year Change
43.90%
Date Range
1/1/1989 - 1/1/2022
Summary
The Mean Adjusted Gross Income for West Virginia measures the average income reported on federal tax returns by residents of the state. This metric is crucial for understanding economic well-being and tax policy impacts.
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 West Virginia represents the mean total income amount declared on individual tax returns filed by residents of the state. Economists and policymakers analyze this data to gauge overall income levels, inequality, and the effects of tax code changes.
Methodology
The data is calculated annually by the U.S. Census Bureau based on individual income tax return filings.
Historical Context
This economic indicator provides important context for assessing the financial health and fiscal policies affecting West Virginia residents.
Key Facts
- The mean AGI in West Virginia was $47,579 in 2020.
- West Virginia's mean AGI has increased by 36% over the past 20 years.
- The state's mean AGI is 25% below the national average.
FAQs
Q: What does this economic trend measure?
A: The Mean Adjusted Gross Income for West Virginia measures the average income reported on federal tax returns by residents of the state.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for understanding economic well-being and tax policy impacts in West Virginia.
Q: How is this data collected or calculated?
A: The data is calculated annually by the U.S. Census Bureau based on individual income tax return filings.
Q: How is this trend used in economic policy?
A: Economists and policymakers analyze this data to gauge overall income levels, inequality, and the effects of tax code changes affecting West Virginia residents.
Q: Are there update delays or limitations?
A: The data is published annually with a short delay, representing the previous tax year.
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Citation
U.S. Federal Reserve, Mean Adjusted Gross Income for West Virginia (MEANAGIWV54A052NCEN), retrieved from FRED.