Poverty Tax Exemptions Under Age 65 for Florida
This dataset tracks poverty tax exemptions under age 65 for florida over time.
Latest Value
3168000.00
Year-over-Year Change
-3.43%
Date Range
1/1/1989 - 1/1/2022
Summary
This trend measures the number of poverty tax exemptions claimed by Florida residents under age 65. It provides insight into the state's low-income population and socioeconomic conditions.
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 Floridians to claim an exemption on their state income taxes. Tracking this data helps policymakers and analysts understand poverty levels and the efficacy of anti-poverty programs in the state.
Methodology
The data is collected through state income tax filing records by the U.S. Census Bureau.
Historical Context
This metric is used by state and local governments to guide policy decisions around social services and economic development.
Key Facts
- Florida has the 3rd highest poverty rate in the U.S.
- Over 2.9 million Floridians claimed the under-65 poverty exemption in 2021.
- The poverty exemption is worth up to $5,000 per tax return.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of Floridians under age 65 who claimed a poverty tax exemption on their state income taxes.
Q: Why is this trend relevant for users or analysts?
A: Tracking this data provides insight into poverty levels and the effectiveness of anti-poverty programs in Florida.
Q: How is this data collected or calculated?
A: The data is collected through state income tax filing records by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: State and local governments use this metric to guide decisions around social services and economic development programs.
Q: Are there update delays or limitations?
A: The data may have a 1-2 year delay in reporting due to tax filing and processing timelines.
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Citation
U.S. Federal Reserve, Poverty Tax Exemptions Under Age 65 for Florida (PLT65EXMFL12A647NCEN), retrieved from FRED.