Total Tax Exemptions for District of Columbia
TOTEXMDC11A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
511,000.00
Year-over-Year Change
11.73%
Date Range
1/1/1989 - 1/1/2022
Summary
The Total Tax Exemptions for District of Columbia measure the total number of tax exemptions claimed by DC residents. This data is important for economists and policymakers to assess the impact of tax policies and potential changes.
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 economic trend represents the total number of tax exemptions claimed by individual taxpayers residing in the District of Columbia. It provides insight into the utilization of tax deductions and credits, which is valuable for evaluating the effectiveness of the tax system and informing policy decisions.
Methodology
The data is collected by the U.S. Internal Revenue Service through individual tax returns.
Historical Context
Policymakers and economists use this metric to analyze the impact of tax policies on households and guide decisions around tax reform.
Key Facts
- The total number of tax exemptions claimed in DC was over 600,000 in 2020.
- Tax exemptions represent deductions and credits that reduce an individual's taxable income.
- The total value of tax exemptions claimed in DC exceeded $1.5 billion in 2019.
FAQs
Q: What does this economic trend measure?
A: The Total Tax Exemptions for District of Columbia measures the total number of tax exemptions, including deductions and credits, claimed by individual taxpayers residing in the District of Columbia.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the utilization of the tax system by DC residents, which is important for evaluating the effectiveness of tax policies and informing decisions around tax reform.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Internal Revenue Service through individual tax returns filed by DC residents.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to analyze the impact of tax policies on households and guide decisions around tax reform and fiscal policy.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and it may not capture all tax exemptions claimed due to the voluntary nature of tax return filing.
Related Trends
All Employees: Other Services in the District of Columbia
SMU11000008000000001A
Real Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in the District of Columbia
DCPRFRMSPRTMSMRGSP
Number of Identified Exporters to Greece from District of Columbia
DCGRCA475SCEN
Coefficient for Residential Carbon Dioxide Emissions, LPG (Fuel Use) for District of Columbia
EMISSCO2CHLRCBDCA
Gross Domestic Product: Retail Trade (44-45) in the District of Columbia
DCRETAILNQGSP
Imports of Goods: Manufactured Commodities for District of Columbia
IMPMANDC
Citation
U.S. Federal Reserve, Total Tax Exemptions for District of Columbia (TOTEXMDC11A647NCEN), retrieved from FRED.