Poverty Tax Exemptions Under Age 65 for Arizona
This dataset tracks poverty tax exemptions under age 65 for arizona over time.
Latest Value
803000.00
Year-over-Year Change
-17.79%
Date Range
1/1/1989 - 1/1/2022
Summary
This series measures the number of poverty tax exemptions claimed for individuals under age 65 in Arizona. It provides insight into the social and economic conditions of the state's working-age population.
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 exemption allows qualifying low-income individuals to reduce their state tax liability. Tracking this metric helps economists and policymakers understand trends in poverty, income inequality, and the effectiveness of social support programs in Arizona.
Methodology
The data is collected through individual tax filings with the Arizona Department of Revenue.
Historical Context
This metric is closely watched by state officials and advocacy groups to inform policy decisions related to taxation, welfare, and economic development.
Key Facts
- Arizona has the 13th highest poverty rate in the U.S.
- The poverty tax exemption reduces state tax liability by $25 per qualifying individual
- Poverty tax exemptions have declined by 7% in Arizona since 2015
FAQs
Q: What does this economic trend measure?
A: This metric tracks the number of poverty tax exemptions claimed by individuals under age 65 in the state of Arizona. It provides insight into the scale of low-income populations in the state.
Q: Why is this trend relevant for users or analysts?
A: This data is closely monitored by policymakers, economists, and advocacy groups to understand trends in poverty, income inequality, and the effectiveness of state social support programs.
Q: How is this data collected or calculated?
A: The data is collected through individual tax filings with the Arizona Department of Revenue.
Q: How is this trend used in economic policy?
A: State officials and advocacy groups use this metric to inform policy decisions related to taxation, welfare programs, and economic development initiatives targeting low-income populations.
Q: Are there update delays or limitations?
A: The data is published annually with a 6-month delay as it relies on individual tax filing information.
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Citation
U.S. Federal Reserve, Poverty Tax Exemptions Under Age 65 for Arizona (PLT65EXMAZ4A647NCEN), retrieved from FRED.