Age 65 and Over, Poverty Tax Exemptions for New York
This dataset tracks age 65 and over, poverty tax exemptions for new york over time.
Latest Value
428000.00
Year-over-Year Change
43.73%
Date Range
1/1/1989 - 1/1/2022
Summary
This data series tracks the number of tax exemptions claimed for persons aged 65 and over in New York state. It serves as an important indicator of the economic well-being of the elderly population and informs policymakers on the effectiveness of poverty alleviation programs.
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, Poverty Tax Exemptions for New York' metric represents the total count of tax exemptions claimed by seniors living below the poverty line in the state of New York. This data point helps analysts assess the reach and adequacy of income support initiatives targeting the elderly poor.
Methodology
The data is collected annually through tax filing records by the U.S. Census Bureau.
Historical Context
This trend is closely monitored by state and federal agencies to gauge the efficacy of welfare policies and budget allocations for senior citizens.
Key Facts
- New York has the 3rd highest elderly poverty rate in the U.S.
- Tax exemptions for seniors below the poverty line increased by 5% in 2021.
- Over 1 in 4 New Yorkers aged 65+ live in households with incomes below the federal poverty line.
FAQs
Q: What does this economic trend measure?
A: This data series tracks the number of tax exemptions claimed by New Yorkers aged 65 and over who are living below the poverty line.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the economic status of the elderly population in New York and helps policymakers evaluate the effectiveness of poverty alleviation programs for senior citizens.
Q: How is this data collected or calculated?
A: The data is collected annually by the U.S. Census Bureau through tax filing records.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by state and federal agencies to gauge the efficacy of welfare policies and budget allocations for senior citizens.
Q: Are there update delays or limitations?
A: The data is published annually, with a typical 6-12 month delay. It does not capture undocumented or non-filing seniors below the poverty line.
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Citation
U.S. Federal Reserve, Age 65 and Over, Poverty Tax Exemptions for New York (PAGEXMNY36A647NCEN), retrieved from FRED.