Poverty Tax Exemptions Under Age 65 for Indiana
This dataset tracks poverty tax exemptions under age 65 for indiana over time.
Latest Value
753000.00
Year-over-Year Change
-18.54%
Date Range
1/1/1989 - 1/1/2022
Summary
This trend measures the number of tax exemptions claimed for Indiana residents under age 65 living below the poverty line. It provides insight into poverty levels and the social safety net 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 data represents individuals and families with incomes below the federal poverty threshold who claimed tax exemptions in Indiana. This metric is used by economists and policymakers to evaluate the prevalence of poverty and the effectiveness of anti-poverty programs.
Methodology
The data is collected annually by the U.S. Census Bureau through individual tax returns.
Historical Context
This metric informs discussions around income inequality, cost of living, and the efficiency of social services in Indiana.
Key Facts
- Indiana has over 800,000 residents living below the poverty line.
- Poverty tax exemptions decreased by 5% in Indiana from 2017 to 2018.
- The poverty rate for Hoosiers under 65 is higher than the national average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of tax exemptions claimed by Indiana residents under age 65 living below the federal poverty line.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into poverty levels and the effectiveness of social programs in Indiana, informing economic and policy discussions.
Q: How is this data collected or calculated?
A: The data is collected annually by the U.S. Census Bureau through individual tax return filings.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this data to evaluate income inequality, the cost of living, and the efficiency of social services in Indiana.
Q: Are there update delays or limitations?
A: The data is published annually with a lag, and may not capture all exemptions due to non-filing or data collection limitations.
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Citation
U.S. Federal Reserve, Poverty Tax Exemptions Under Age 65 for Indiana (PLT65EXMIN18A647NCEN), retrieved from FRED.