Poverty Tax Exemptions for Michigan
PEXMMI26A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,530,000.00
Year-over-Year Change
-9.31%
Date Range
1/1/1989 - 1/1/2022
Summary
The Poverty Tax Exemptions for Michigan trend measures the number of tax exemptions claimed by low-income residents in the state. This data provides insight into the economic hardship faced by vulnerable 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
This metric tracks the number of state income tax exemptions claimed by Michigan residents who meet certain poverty thresholds. It serves as an indicator of the level of financial need and economic inequality within the state.
Methodology
The data is collected through individual tax filings and aggregated by the U.S. Census Bureau.
Historical Context
Policymakers use this trend to evaluate the effectiveness of poverty alleviation programs and guide decisions on tax policy and social services.
Key Facts
- Michigan has the 10th highest poverty rate in the U.S.
- The number of poverty tax exemptions has increased by 15% over the past decade.
- Low-income households claim these exemptions to reduce their state tax burden.
FAQs
Q: What does this economic trend measure?
A: This trend tracks the number of state income tax exemptions claimed by low-income residents in Michigan who meet certain poverty thresholds.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the level of economic hardship and inequality within the state, which is useful for policymakers and economists evaluating the effectiveness of poverty alleviation programs.
Q: How is this data collected or calculated?
A: The data is collected through individual tax filings and aggregated by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: Policymakers use this trend to guide decisions on tax policy and social services aimed at supporting low-income populations in Michigan.
Q: Are there update delays or limitations?
A: The data is published annually, with a typical 6-month delay from the end of the tax year.
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Citation
U.S. Federal Reserve, Poverty Tax Exemptions for Michigan (PEXMMI26A647NCEN), retrieved from FRED.