Total Tax Exemptions Under Age 65 for Pennsylvania
This dataset tracks total tax exemptions under age 65 for pennsylvania over time.
Latest Value
8890000.00
Year-over-Year Change
-7.68%
Date Range
1/1/1989 - 1/1/2022
Summary
This trend measures the total number of tax exemptions claimed by Pennsylvania residents under the age of 65. It provides insight into demographic and income patterns 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 Total Tax Exemptions Under Age 65 for Pennsylvania metric tracks the total number of personal exemptions claimed on tax returns filed by Pennsylvania residents below the age of 65. This data point is useful for analyzing state-level demographic and economic trends.
Methodology
The data is collected from individual tax returns filed with the Internal Revenue Service (IRS).
Historical Context
This trend is relevant for policymakers, economists, and researchers studying Pennsylvania's economic and social dynamics.
Key Facts
- Pennsylvania has over 8 million residents.
- The state's median age is 40.8 years.
- Tax exemptions represent foregone revenue for the state government.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of tax exemptions claimed by Pennsylvania residents under the age of 65 on their individual income tax returns.
Q: Why is this trend relevant for users or analysts?
A: This data point provides insight into the demographics and income patterns of Pennsylvania's working-age population, which is valuable for economic analysis and policy decisions.
Q: How is this data collected or calculated?
A: The data is collected from individual tax returns filed with the Internal Revenue Service (IRS).
Q: How is this trend used in economic policy?
A: Policymakers and analysts can use this trend to understand the state's demographic and income dynamics, which informs decisions related to taxation, social programs, and economic development.
Q: Are there update delays or limitations?
A: The data is subject to the typical delays associated with the processing of individual tax returns, which can result in a lag between the end of the tax year and the availability of the data.
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Citation
U.S. Federal Reserve, Total Tax Exemptions Under Age 65 for Pennsylvania (LT65EXMPA42A647NCEN), retrieved from FRED.