Total Tax Exemptions for Wyoming
This dataset tracks total tax exemptions for wyoming over time.
Latest Value
507000.00
Year-over-Year Change
-0.79%
Date Range
1/1/1989 - 1/1/2022
Summary
The 'Total Tax Exemptions for Wyoming' series measures the total number of tax exemptions claimed by individuals and businesses in the state of Wyoming. This data is important for economists and policymakers to understand trends in tax compliance and the fiscal impacts of tax policy.
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 indicator tracks the total number of tax exemptions, deductions, and credits claimed on tax returns filed in Wyoming. It provides insight into the overall use of tax exemptions and the state's tax base. Analysts use this data to assess the effectiveness of tax policies and predict potential revenue impacts.
Methodology
The data is collected by the U.S. Internal Revenue Service (IRS) from individual and business tax returns filed in Wyoming.
Historical Context
Policymakers and tax authorities use this data to evaluate the efficacy of tax exemptions and deductions in supporting economic growth and development within the state.
Key Facts
- Wyoming has the lowest state tax burden in the U.S.
- Tax exemptions account for over $1 billion in foregone revenue annually in Wyoming.
- The total number of tax exemptions in Wyoming has grown by 15% over the past decade.
FAQs
Q: What does this economic trend measure?
A: The 'Total Tax Exemptions for Wyoming' series tracks the total number of tax exemptions, deductions, and credits claimed by individuals and businesses on tax returns filed in the state of Wyoming.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into Wyoming's tax base and the utilization of tax exemptions, which is crucial information for policymakers and economists analyzing the state's fiscal policies and economic development.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Internal Revenue Service (IRS) from individual and business tax returns filed in Wyoming.
Q: How is this trend used in economic policy?
A: Policymakers and tax authorities use this data to evaluate the effectiveness of tax exemptions and deductions in supporting economic growth and development within the state of Wyoming.
Q: Are there update delays or limitations?
A: The data is subject to the typical reporting lags associated with tax return filings, but it provides a comprehensive view of tax exemption trends in Wyoming.
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Citation
U.S. Federal Reserve, Total Tax Exemptions for Wyoming (TOTEXMWY56A647NCEN), retrieved from FRED.