Poverty Tax Exemptions for Connecticut
This dataset tracks poverty tax exemptions for connecticut over time.
Latest Value
405000.00
Year-over-Year Change
9.42%
Date Range
1/1/1989 - 1/1/2022
Summary
The Poverty Tax Exemptions for Connecticut measures the number of tax exemptions claimed by residents living below the poverty line in the state. This metric provides insight into the social safety net and cost of living for low-income populations.
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 Poverty Tax Exemptions for Connecticut tracks the total number of personal tax exemptions claimed by individuals and households with incomes below the federal poverty threshold in the state of Connecticut. This data point helps analysts and policymakers understand the scale of poverty and the utilization of tax-based assistance programs.
Methodology
The data is collected and reported annually by the U.S. Internal Revenue Service (IRS) based on personal income tax filings.
Historical Context
Trends in poverty tax exemptions are used to inform social welfare policies and monitor the financial challenges facing low-income residents.
Key Facts
- Poverty tax exemptions peaked in 2020 at over 250,000 claims.
- Connecticut has seen a 15% decline in exemptions since 2015.
- The average value of a poverty exemption in Connecticut is $3,200.
FAQs
Q: What does this economic trend measure?
A: The Poverty Tax Exemptions for Connecticut tracks the number of personal income tax exemptions claimed by residents living below the federal poverty line in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the scale of poverty and the utilization of tax-based assistance programs in Connecticut, which informs social welfare policies and monitors the financial challenges facing low-income populations.
Q: How is this data collected or calculated?
A: The data is collected and reported annually by the U.S. Internal Revenue Service (IRS) based on personal income tax filings.
Q: How is this trend used in economic policy?
A: Trends in poverty tax exemptions are used by economists, policymakers, and social welfare organizations to understand the dynamics of poverty and shape programs and policies that support low-income residents.
Q: Are there update delays or limitations?
A: The Poverty Tax Exemptions for Connecticut data is reported annually with a 1-year lag, so the most recent figures may not reflect the current economic conditions.
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Citation
U.S. Federal Reserve, Poverty Tax Exemptions for Connecticut (PEXMCT9A647NCEN), retrieved from FRED.