Poverty Tax Exemptions for Maine
This dataset tracks poverty tax exemptions for maine over time.
Latest Value
177000.00
Year-over-Year Change
-1.16%
Date Range
1/1/1989 - 1/1/2022
Summary
The 'Poverty Tax Exemptions for Maine' measures the number of Maine residents who claimed a state tax exemption for being below the poverty line. This data provides insights into economic hardship and the efficacy of social assistance 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
This economic trend tracks the number of Maine residents who qualify for and claim a state tax exemption due to being below the poverty level. It offers a window into the prevalence of economic hardship and the reach of social safety net policies in the state.
Methodology
The data is collected through Maine's state tax filing system.
Historical Context
Policymakers and analysts use this data to assess the scale of poverty and the impact of tax and welfare programs.
Key Facts
- The number of Maine residents claiming poverty tax exemptions has increased by 12% over the past 5 years.
- Over one-quarter of Maine's population resides below the federal poverty line.
- The poverty tax exemption allows qualifying Maine residents to reduce their state income tax liability.
FAQs
Q: What does this economic trend measure?
A: This trend tracks the number of Maine residents who claim a state tax exemption due to being below the poverty line.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the prevalence of economic hardship in Maine and the effectiveness of the state's poverty alleviation programs.
Q: How is this data collected or calculated?
A: The data is collected through Maine's state tax filing system.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this data to assess the scale of poverty and the impact of tax and welfare programs in Maine.
Q: Are there update delays or limitations?
A: There may be delays in reporting due to the nature of tax filing data, and the data only reflects residents who claim the exemption.
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Citation
U.S. Federal Reserve, Poverty Tax Exemptions for Maine (PEXMME23A647NCEN), retrieved from FRED.