Individual Income Tax Filing: Tax Due at Time of Filing
This dataset tracks individual income tax filing: tax due at time of filing over time.
Latest Value
28675667.00
Year-over-Year Change
17.27%
Date Range
1/1/1999 - 1/1/2016
Summary
The 'Individual Income Tax Filing: Tax Due at Time of Filing' trend measures the total amount of federal individual income taxes paid by U.S. taxpayers when filing their annual tax returns. This metric is a key indicator of the overall tax burden and economic activity.
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 total dollar amount of individual income taxes due and paid by U.S. taxpayers at the time of filing their annual federal tax returns. It provides insight into taxpayer behavior, government revenue, and the broader economic landscape.
Methodology
The data is collected by the U.S. Internal Revenue Service from individual tax return filings.
Historical Context
Policymakers and economists closely monitor this trend to assess the health of the economy and the tax burden on individuals.
Key Facts
- The total amount of individual income taxes due at filing was $2.1 trillion in 2021.
- This trend has shown significant volatility, reflecting changes in the economy and tax policies.
- The 'Tax Due at Time of Filing' metric is distinct from total individual income tax collections, which also include estimated payments and withholding.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of federal individual income taxes paid by U.S. taxpayers when filing their annual tax returns.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into taxpayer behavior, government revenue, and the broader economic landscape, making it a key indicator for policymakers and economists.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Internal Revenue Service from individual tax return filings.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor this trend to assess the health of the economy and the tax burden on individuals.
Q: Are there update delays or limitations?
A: The data is subject to typical publication lags for tax return data, but otherwise has no known significant limitations.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Tax Due at Time of Filing (TXDATFL), retrieved from FRED.