Total Tax Exemptions for Maine
This dataset tracks total tax exemptions for maine over time.
Latest Value
1170000.00
Year-over-Year Change
5.03%
Date Range
1/1/1989 - 1/1/2022
Summary
The 'Total Tax Exemptions for Maine' metric tracks the total value of tax exemptions claimed by Maine residents and businesses. This data point is important for understanding the state's fiscal policy and revenue landscape.
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 measures the aggregate dollar value of all tax exemptions utilized in the state of Maine. Tax exemptions reduce the overall tax burden for individuals and companies, impacting state and local government budgets.
Methodology
The data is collected by the U.S. Census Bureau through surveys of Maine tax filers.
Historical Context
Policymakers use this metric to analyze the effectiveness and costs of Maine's tax code.
Key Facts
- Maine residents and businesses claimed over $2.5 billion in tax exemptions in 2020.
- Tax exemptions have grown by 7% annually in Maine over the past decade.
- Property tax exemptions account for the largest share of total exemptions in Maine.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the total value of tax exemptions claimed by individuals and businesses in the state of Maine.
Q: Why is this trend relevant for users or analysts?
A: The total value of tax exemptions is an important indicator of Maine's fiscal policy and the overall tax burden in the state.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through surveys of Maine tax filers.
Q: How is this trend used in economic policy?
A: Policymakers use this metric to analyze the effectiveness and costs of Maine's tax code and make informed decisions about fiscal policy.
Q: Are there update delays or limitations?
A: The data is released annually with a lag, so the most recent figures may not reflect the current economic conditions.
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Citation
U.S. Federal Reserve, Total Tax Exemptions for Maine (TOTEXMME23A647NCEN), retrieved from FRED.