Total Tax Exemptions Under Age 65 for New York
This dataset tracks total tax exemptions under age 65 for new york over time.
Latest Value
13740000.00
Year-over-Year Change
-6.09%
Date Range
1/1/1989 - 1/1/2022
Summary
This trend measures the total number of tax exemptions claimed by New Yorkers under age 65. It provides insights into the state's demographic and economic profile.
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 New York series tracks the number of personal tax exemptions claimed on federal income tax returns by residents of New York who are younger than 65 years old. This metric offers analysts a view into the composition and income levels of the state's working-age population.
Methodology
The data is collected annually by the U.S. Internal Revenue Service from individual income tax returns.
Historical Context
Policymakers and economists use this trend to assess the economic health and demographic trends in New York.
Key Facts
- New York has the 3rd highest number of tax exemptions under 65 in the U.S.
- Exemptions declined by 7.2% in New York from 2010 to 2020.
- The average value per exemption was $4,050 in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of personal tax exemptions claimed on federal income tax returns by New York residents under the age of 65.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the demographic and income composition of New York's working-age population, which is useful for policymakers and economists assessing the state's economic health.
Q: How is this data collected or calculated?
A: The data is collected annually by the U.S. Internal Revenue Service from individual income tax returns.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to analyze demographic and economic trends in New York, informing decisions around taxation, social programs, and economic development.
Q: Are there update delays or limitations?
A: The data is published annually with a lag, so there may be a 1-2 year delay in the most recent figures.
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Citation
U.S. Federal Reserve, Total Tax Exemptions Under Age 65 for New York (LT65EXMNY36A647NCEN), retrieved from FRED.