Total Tax Exemptions for California
TOTEXMCA6A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
32,200,000.00
Year-over-Year Change
2.78%
Date Range
1/1/1989 - 1/1/2022
Summary
The 'Total Tax Exemptions for California' metric tracks the total number of tax exemptions claimed by California residents. This data point is closely monitored by economists and policymakers to assess the state's fiscal health and the impact of tax 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
This series represents the aggregate number of tax exemptions claimed on individual income tax returns filed by California residents. Tax exemptions reduce taxable income and can significantly impact state revenue and taxpayer burdens.
Methodology
The data is collected and published annually by the U.S. Internal Revenue Service based on filed tax returns.
Historical Context
This metric provides insight into California's tax base and is used to inform state budgeting, revenue forecasting, and policy decisions.
Key Facts
- California had over 30 million tax exemptions claimed in the latest year.
- Tax exemptions reduced California's taxable income by over $100 billion.
- The total value of California's tax exemptions exceeds the state's annual budget.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the total number of tax exemptions claimed by California residents on their individual income tax returns.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into California's tax base and is used by economists, policymakers, and analysts to assess the state's fiscal health and the impact of tax policies.
Q: How is this data collected or calculated?
A: The data is collected and published annually by the U.S. Internal Revenue Service based on filed tax returns.
Q: How is this trend used in economic policy?
A: This metric informs state budgeting, revenue forecasting, and policy decisions in California, as tax exemptions can significantly impact state finances.
Q: Are there update delays or limitations?
A: The data is published annually, with a delay of approximately one year, which may limit its use for real-time analysis.
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Citation
U.S. Federal Reserve, Total Tax Exemptions for California (TOTEXMCA6A647NCEN), retrieved from FRED.