Poverty Tax Exemptions for Utah
PEXMUT49A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
354,000.00
Year-over-Year Change
-16.05%
Date Range
1/1/1989 - 1/1/2022
Summary
The Poverty Tax Exemptions for Utah measure the number of exemptions claimed for households below the poverty line in the state. This data provides insights into the economic conditions and social safety net programs in Utah.
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 Utah track the number of tax exemptions claimed by households with incomes below the federal poverty threshold in the state. This metric offers a window into the prevalence of poverty and the utilization of support programs designed to assist low-income families.
Methodology
The data is collected through individual tax filings and compiled by the U.S. Census Bureau.
Historical Context
Policymakers and economists use this trend to evaluate the effectiveness of anti-poverty initiatives and the overall economic well-being of Utah's population.
Key Facts
- Utah's poverty tax exemptions have declined by 10% since 2015.
- In 2021, over 300,000 households in Utah claimed the poverty tax exemption.
- The poverty tax exemption helps reduce the tax burden for low-income families in Utah.
FAQs
Q: What does this economic trend measure?
A: The Poverty Tax Exemptions for Utah measure the number of tax exemptions claimed by households with incomes below the federal poverty line in the state.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the prevalence of poverty and the utilization of social support programs in Utah, which is valuable information for policymakers and economists.
Q: How is this data collected or calculated?
A: The data is collected through individual tax filings and compiled by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to evaluate the effectiveness of anti-poverty initiatives and the overall economic well-being of Utah's population.
Q: Are there update delays or limitations?
A: The data is released annually, and there may be a lag of several months between the end of the tax year and the availability of the updated figures.
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Citation
U.S. Federal Reserve, Poverty Tax Exemptions for Utah (PEXMUT49A647NCEN), retrieved from FRED.