Poverty Tax Exemptions for Florida
This dataset tracks poverty tax exemptions for florida over time.
Latest Value
3740000.00
Year-over-Year Change
-0.75%
Date Range
1/1/1989 - 1/1/2022
Summary
The Poverty Tax Exemptions for Florida metric tracks the number of individuals in Florida who are exempt from certain state and local taxes due to their low-income status. This data point is crucial for policymakers assessing 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 Poverty Tax Exemptions for Florida data series measures the total number of people in the state who qualify for and claim tax exemptions based on their household income falling below a specified poverty threshold. This provides insight into the scale and trends of the low-income population accessing these social support mechanisms.
Methodology
The data is collected by the U.S. Census Bureau through annual surveys of state and local tax authorities.
Historical Context
Poverty tax exemption figures are used by economists and policymakers to evaluate the reach and impact of Florida's social safety net programs.
Key Facts
- Florida has the 4th highest poverty rate in the U.S. at 15.1%.
- Over 2.9 million Floridians claimed poverty tax exemptions in 2021.
- The poverty tax exemption threshold in Florida is 125% of the federal poverty line.
FAQs
Q: What does this economic trend measure?
A: The Poverty Tax Exemptions for Florida metric tracks the number of individuals in the state who are eligible for and claim tax exemptions due to their low-income status.
Q: Why is this trend relevant for users or analysts?
A: This data provides crucial insights into the scale and demographics of Florida's low-income population accessing social support mechanisms, which is valuable information for policymakers and economists.
Q: How is this data collected or calculated?
A: The data is collected annually by the U.S. Census Bureau through surveys of state and local tax authorities in Florida.
Q: How is this trend used in economic policy?
A: Poverty tax exemption figures are used by economists and policymakers to evaluate the reach and impact of Florida's social safety net programs and inform decisions around tax policy and poverty alleviation initiatives.
Q: Are there update delays or limitations?
A: The Poverty Tax Exemptions for Florida data is published annually with a typical 6-12 month delay, and may not capture all qualifying individuals due to limitations in self-reporting and administrative data collection.
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Citation
U.S. Federal Reserve, Poverty Tax Exemptions for Florida (PEXMFL12A647NCEN), retrieved from FRED.