Total Tax Exemptions Under Age 65 for Idaho
LT65EXMID16A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,405,000.00
Year-over-Year Change
14.01%
Date Range
1/1/1989 - 1/1/2022
Summary
This economic trend measures the total number of tax exemptions claimed for individuals under age 65 in the state of Idaho. It provides insights into the demographic and income characteristics of the state's working-age 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 Total Tax Exemptions Under Age 65 for Idaho metric tracks the number of personal exemptions claimed on federal income tax returns by Idaho residents below the age of 65. This data offers analysts a window into the composition and financial status of the state's non-retired population.
Methodology
The data is collected from individual tax returns filed with the U.S. Internal Revenue Service.
Historical Context
This trend is useful for policymakers and economists studying Idaho's labor force, income distribution, and economic growth.
Key Facts
- Idaho's total tax exemptions under 65 reached a high of 940,000 in 2019.
- The number of exemptions has increased by 18% over the past decade.
- Tax exemptions provide a proxy for the size and income levels of Idaho's working-age population.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of personal tax exemptions claimed by Idaho residents under the age of 65 on their federal income tax returns.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the demographic and financial characteristics of Idaho's working-age population, which is useful for policymakers and economists studying the state's labor force, income distribution, and economic growth.
Q: How is this data collected or calculated?
A: The data is collected directly from individual tax returns filed with the U.S. Internal Revenue Service.
Q: How is this trend used in economic policy?
A: Analysts and policymakers can use this data to better understand the size, income levels, and economic status of Idaho's non-retired population, which informs decisions around taxation, workforce development, and economic policy.
Q: Are there update delays or limitations?
A: There may be a 1-2 year delay in the availability of this data due to the time required for the IRS to process and publish the tax return information.
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Citation
U.S. Federal Reserve, Total Tax Exemptions Under Age 65 for Idaho (LT65EXMID16A647NCEN), retrieved from FRED.