Individual Income Tax Filing: Taxable Income
This dataset tracks individual income tax filing: taxable income over time.
Latest Value
115520562.00
Year-over-Year Change
12.44%
Date Range
1/1/1999 - 1/1/2016
Summary
The Individual Income Tax Filing: Taxable Income trend measures the total taxable income reported on individual income tax returns filed with the Internal Revenue Service (IRS). This metric provides insight into the overall health and growth of the U.S. economy.
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
Taxable income is the portion of an individual's total income that is subject to federal income tax. This data series tracks the aggregate amount of taxable income across all filed tax returns, offering economists and policymakers a window into broader income and consumption patterns.
Methodology
The data is compiled by the IRS from information on individual income tax returns.
Historical Context
Taxable income is a key input for government revenue projections and tax policy analysis.
Key Facts
- Taxable income totaled $10.4 trillion in 2020.
- Taxable income has grown by an average of 4.5% annually over the past decade.
- The top 1% of taxpayers accounted for 20.1% of total taxable income in 2019.
FAQs
Q: What does this economic trend measure?
A: The Individual Income Tax Filing: Taxable Income trend measures the total amount of income that was reported as taxable on individual income tax returns filed with the IRS.
Q: Why is this trend relevant for users or analysts?
A: Taxable income is a key indicator of economic activity and personal wealth, providing insights into consumption patterns, income distribution, and the overall health of the U.S. economy.
Q: How is this data collected or calculated?
A: The data is compiled by the IRS based on information reported on individual income tax returns.
Q: How is this trend used in economic policy?
A: Taxable income data is used by policymakers, economists, and analysts to project government tax revenues, assess the impact of tax policy changes, and monitor broader economic trends.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, as it depends on the processing of individual tax returns. There may also be revisions to historical data as the IRS receives additional information.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Taxable Income (TLTXINC), retrieved from FRED.