Individual Income Tax Filing: Tax Payments, Total
TXPMTTL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
135,902,425.00
Year-over-Year Change
8.73%
Date Range
1/1/1999 - 1/1/2016
Summary
The Individual Income Tax Filing: Tax Payments, Total trend measures the total value of individual income tax payments in the United States. This data provides important insights into taxpayer behavior 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
This economic indicator tracks the total value of tax payments made by individual filers as part of the annual income tax process. It serves as a key metric for understanding individual tax compliance, government fiscal conditions, and broader economic trends.
Methodology
The data is collected by the U.S. Internal Revenue Service through individual income tax returns.
Historical Context
Policymakers and analysts closely monitor this trend to assess the health of government finances and the broader economic environment.
Key Facts
- Total individual income tax payments in the U.S. were over $2 trillion in 2021.
- Individual income taxes account for over 50% of total federal government revenue.
- Tax payment trends reflect changes in employment, wages, and economic conditions.
FAQs
Q: What does this economic trend measure?
A: The Individual Income Tax Filing: Tax Payments, Total trend measures the total value of income tax payments made by individual taxpayers in the United States.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into taxpayer behavior, government revenue, and broader economic conditions, making it a key metric for policymakers and analysts.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Internal Revenue Service through individual income tax returns.
Q: How is this trend used in economic policy?
A: Policymakers and analysts closely monitor this trend to assess the health of government finances and the broader economic environment, informing fiscal and economic policies.
Q: Are there update delays or limitations?
A: The data is subject to typical delays in tax filing and processing, with the most recent data typically available with a 6-12 month lag.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Tax Payments, Total (TXPMTTL), retrieved from FRED.