Individual Income Tax Filing: Total Income Tax
This dataset tracks individual income tax filing: total income tax over time.
Latest Value
100052487.00
Year-over-Year Change
12.29%
Date Range
1/1/1999 - 1/1/2016
Summary
The Individual Income Tax Filing: Total Income Tax trend measures the total income tax reported on individual tax returns filed with the U.S. Internal Revenue Service (IRS). This statistic is a key indicator of economic activity and household income levels.
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
This series represents the aggregate income tax liability reported on individual tax returns processed by the IRS. It provides insight into the overall tax burden and can be used to analyze trends in personal income, consumption, and government tax revenue.
Methodology
The data is collected directly from individual income tax returns filed with the IRS.
Historical Context
Policymakers and analysts monitor this metric to assess the health of the economy and inform decisions around tax policy.
Key Facts
- Total income tax reported was $1.6 trillion in 2021.
- The metric has increased by over 40% since 2010.
- It represents over 50% of total federal tax revenue.
FAQs
Q: What does this economic trend measure?
A: The Individual Income Tax Filing: Total Income Tax trend measures the aggregate income tax liability reported on individual tax returns filed with the IRS.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into personal income levels, tax burden, and government revenue, making it a key indicator for policymakers and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected directly from individual income tax returns filed with the IRS.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this metric to assess the health of the economy and inform decisions around tax policy.
Q: Are there update delays or limitations?
A: There may be delays in data availability due to the time required for the IRS to process individual tax returns.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Total Income Tax (TLINCTX), retrieved from FRED.