Poverty Tax Exemptions Under Age 65 for Illinois
This dataset tracks poverty tax exemptions under age 65 for illinois over time.
Latest Value
1353000.00
Year-over-Year Change
-20.44%
Date Range
1/1/1989 - 1/1/2022
Summary
This data series tracks the number of poverty tax exemptions claimed under age 65 for residents of Illinois. It provides insights into the economic wellbeing of working-age individuals in the state.
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 low-income taxpayers in Illinois to claim an additional exemption on their state income taxes. This data represents the total number of exemptions claimed by those under 65 years old, serving as an indicator of the prevalence of economic hardship among the working population.
Methodology
The data is collected annually by the U.S. Census Bureau through tax return records.
Historical Context
Policymakers use this metric to assess the effectiveness of anti-poverty initiatives and identify areas of the state that may require greater economic support.
Key Facts
- Poverty tax exemptions in Illinois peaked in 2010 at over 1.2 million claims.
- The number of exemptions has declined by over 25% since 2010, indicating improving economic conditions.
- Poverty tax exemptions account for approximately 10% of all income tax returns filed in Illinois.
FAQs
Q: What does this economic trend measure?
A: This data series tracks the number of poverty tax exemptions claimed by Illinois residents under the age of 65, providing an indicator of economic hardship among the working population.
Q: Why is this trend relevant for users or analysts?
A: The poverty tax exemption data is important for policymakers and economists to assess the effectiveness of anti-poverty initiatives and identify areas of the state that may require greater economic support.
Q: How is this data collected or calculated?
A: The data is collected annually by the U.S. Census Bureau through tax return records.
Q: How is this trend used in economic policy?
A: Policymakers use this metric to evaluate the impact of economic policies and target resources to areas with higher levels of poverty and financial hardship.
Q: Are there update delays or limitations?
A: The data is released annually, with a typical lag of several months. It may not capture the most recent economic conditions, but provides a consistent long-term trend.
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Citation
U.S. Federal Reserve, Poverty Tax Exemptions Under Age 65 for Illinois (PLT65EXMIL17A647NCEN), retrieved from FRED.