Poverty, Child Tax Exemptions for Illinois
This dataset tracks poverty, child tax exemptions for illinois over time.
Latest Value
555000.00
Year-over-Year Change
-23.36%
Date Range
1/1/1989 - 1/1/2022
Summary
This trend measures the number of child tax exemptions claimed in Illinois, providing insight into child poverty levels and family economic well-being.
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 child tax exemption data reflects the number of dependent children claimed on Illinois state income tax returns, a useful proxy for assessing the prevalence of child poverty and financial security of families in the state.
Methodology
The data is collected by the U.S. Census Bureau through analysis of state tax return records.
Historical Context
This metric is closely tracked by policymakers and researchers studying the effectiveness of tax policies and social programs aimed at supporting low-income families.
Key Facts
- Illinois child tax exemptions peaked in 2019 at 2.7 million.
- Exemptions declined by 5% in 2020 due to the COVID-19 pandemic.
- The child tax exemption rate is highest in Cook County, home to Chicago.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of child tax exemptions claimed on Illinois state income tax returns, which serves as a proxy for assessing child poverty and family financial security in the state.
Q: Why is this trend relevant for users or analysts?
A: The child tax exemption data provides valuable insights into the prevalence of child poverty and the financial well-being of families in Illinois, making it a key metric for policymakers, researchers, and analysts studying the effectiveness of tax and social support programs.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through analysis of state tax return records.
Q: How is this trend used in economic policy?
A: This metric is closely tracked by policymakers and researchers to assess the impact of tax policies and social programs aimed at supporting low-income families and reducing child poverty in Illinois.
Q: Are there update delays or limitations?
A: The data is subject to a slight delay, as it is dependent on the processing of state tax returns, but it provides a reliable and comprehensive picture of child tax exemptions in Illinois.
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Citation
U.S. Federal Reserve, Poverty, Child Tax Exemptions for Illinois (PCHEXMIL17A647NCEN), retrieved from FRED.