Total Tax Exemptions for Minnesota
TOTEXMMN27A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,030,000.00
Year-over-Year Change
5.63%
Date Range
1/1/1989 - 1/1/2022
Summary
The Total Tax Exemptions for Minnesota trend measures the total value of tax exemptions claimed by taxpayers in the state of Minnesota. This metric is important for economists and policymakers to understand the impact of the tax code on economic activity and government revenue.
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
The Total Tax Exemptions for Minnesota trend represents the sum of all tax exemptions claimed by individual and corporate taxpayers on their state income tax returns. This helps provide insight into the effectiveness and distribution of Minnesota's tax policies.
Methodology
The data is collected annually by the Minnesota Department of Revenue through tax return filings.
Historical Context
Policymakers use this trend to evaluate the fiscal impact of the state's tax code and consider potential reforms.
Key Facts
- Minnesota has one of the highest state tax burdens in the U.S.
- Tax exemptions account for over $15 billion in foregone state revenue annually.
- The largest exemptions are for employer-sponsored health insurance and charitable contributions.
FAQs
Q: What does this economic trend measure?
A: The Total Tax Exemptions for Minnesota trend measures the total value of tax exemptions claimed by individual and corporate taxpayers in the state.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the effectiveness and distributional impact of Minnesota's tax policies, which is crucial information for policymakers and economists.
Q: How is this data collected or calculated?
A: The data is collected annually by the Minnesota Department of Revenue through tax return filings.
Q: How is this trend used in economic policy?
A: Policymakers use this trend to evaluate the fiscal impact of the state's tax code and consider potential reforms.
Q: Are there update delays or limitations?
A: The data is published annually with a lag of several months, so there may be delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Total Tax Exemptions for Minnesota (TOTEXMMN27A647NCEN), retrieved from FRED.