Age 65 and Over Tax Exemptions for Michigan
This dataset tracks age 65 and over tax exemptions for michigan over time.
Latest Value
1490000.00
Year-over-Year Change
43.14%
Date Range
1/1/1989 - 1/1/2022
Summary
This series measures the number of tax exemptions claimed by individuals aged 65 and over in the state of Michigan. It provides insight into the economic status and tax burden of the elderly population.
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 Michigan series tracks the number of tax exemptions claimed by taxpayers aged 65 and older in the state. This data is used by policymakers and economists to assess the economic well-being and tax burden of Michigan's senior citizens.
Methodology
The data is collected annually from individual tax returns filed in Michigan.
Historical Context
This metric helps inform policy discussions around tax and social welfare programs for the elderly.
Key Facts
- Michigan has over 2 million residents aged 65 and older.
- Tax exemptions for seniors can reduce their overall tax burden.
- The number of tax exemptions claimed has increased steadily over the past decade.
FAQs
Q: What does this economic trend measure?
A: This series tracks the number of tax exemptions claimed by Michigan residents aged 65 and over on their individual tax returns.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the economic status and tax burden of Michigan's elderly population, which is useful for policymakers and economists.
Q: How is this data collected or calculated?
A: The data is collected annually from individual tax returns filed in the state of Michigan.
Q: How is this trend used in economic policy?
A: This metric helps inform policy discussions around tax and social welfare programs for the elderly population in Michigan.
Q: Are there update delays or limitations?
A: The data is released annually, so there may be a 1-year delay in the most recent figures.
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Citation
U.S. Federal Reserve, Age 65 and Over Tax Exemptions for Michigan (AGEXMMI26A647NCEN), retrieved from FRED.