Poverty Tax Exemptions Under Age 65 for New Mexico
PLT65EXMNM35A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
298,500.00
Year-over-Year Change
-16.97%
Date Range
1/1/1989 - 1/1/2022
Summary
This trend measures the number of poverty-related tax exemptions claimed by New Mexico residents under the age of 65. It provides insight into economic hardship and income levels within 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 Exemptions Under Age 65 for New Mexico series tracks the number of federal income tax exemptions claimed by residents of New Mexico who are under 65 years old and meet certain low-income thresholds. This metric offers a proxy for poverty levels and financial need in the state.
Methodology
The data is collected by the U.S. Census Bureau through annual individual income tax filings.
Historical Context
Policymakers and economists use this trend to understand poverty dynamics and guide social welfare programs in New Mexico.
Key Facts
- New Mexico has historically high poverty rates compared to the national average.
- Tax exemptions provide financial relief for low-income families and individuals.
- Tracking this metric can help identify areas of greatest need within the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of federal income tax exemptions claimed by New Mexico residents under age 65 who meet low-income thresholds, providing insight into poverty levels in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric offers a useful proxy for understanding economic hardship and financial need within New Mexico, which can inform policymaking and the allocation of social welfare resources.
Q: How is this data collected or calculated?
A: The data is collected annually by the U.S. Census Bureau through individual income tax filings.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to analyze poverty dynamics and guide the development of programs and policies aimed at supporting low-income individuals and families in New Mexico.
Q: Are there update delays or limitations?
A: As the data is derived from annual tax filings, there may be some delay in the availability of the most recent figures. Additionally, the metric only captures those who claim the relevant tax exemptions, which may not represent the full extent of poverty in the state.
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Citation
U.S. Federal Reserve, Poverty Tax Exemptions Under Age 65 for New Mexico (PLT65EXMNM35A647NCEN), retrieved from FRED.