Age 65 and Over Tax Exemptions for Hawaii
AGEXMHI15A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
216,000.00
Year-over-Year Change
53.93%
Date Range
1/1/1989 - 1/1/2022
Summary
This trend measures the number of personal income tax exemptions claimed by residents aged 65 and over in Hawaii. It provides insight into the elderly population's income and tax burden in the state.
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 Age 65 and Over Tax Exemptions for Hawaii metric tracks the number of tax exemptions claimed by individuals aged 65 and above when filing their personal income taxes in the state. This data point is used by policymakers and economists to analyze the economic well-being and tax situation of Hawaii's elderly population.
Methodology
The data is collected annually by the U.S. Census Bureau through personal income tax filings.
Historical Context
This trend is relevant for understanding the tax environment and economic status of Hawaii's senior citizens, which can inform policy decisions.
Key Facts
- Hawaii has the 2nd highest percentage of residents aged 65 and over in the U.S.
- Tax exemptions provide financial relief for seniors on fixed incomes
- Elderly tax exemptions totaled over $1.2 billion in Hawaii in 2020
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of personal income tax exemptions claimed by Hawaii residents aged 65 and over when filing their taxes.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the economic well-being and tax burden of Hawaii's elderly population, which is crucial information for policymakers and economists.
Q: How is this data collected or calculated?
A: The data is collected annually by the U.S. Census Bureau through personal income tax filings in Hawaii.
Q: How is this trend used in economic policy?
A: This trend informs policy decisions related to taxation, retirement income, and supporting the economic security of Hawaii's senior citizens.
Q: Are there update delays or limitations?
A: The data is published annually with a short delay, typically 6-12 months after the end of the tax year.
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Citation
U.S. Federal Reserve, Age 65 and Over Tax Exemptions for Hawaii (AGEXMHI15A647NCEN), retrieved from FRED.