Poverty Tax Exemptions Under Age 65 for Ohio
PLT65EXMOH39A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,307,000.00
Year-over-Year Change
-16.47%
Date Range
1/1/1989 - 1/1/2022
Summary
This trend measures the number of poverty tax exemptions claimed under age 65 for residents of Ohio. It provides insights into the socioeconomic conditions and tax burdens faced by lower-income populations 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 Exemptions Under Age 65 for Ohio metric tracks the total number of personal income tax exemptions claimed by Ohio residents below the age of 65 who meet poverty-level income thresholds. This data point helps analyze the prevalence of economic hardship and the utilization of tax relief programs intended to support lower-income households.
Methodology
The data is collected through individual income tax filings submitted to the Ohio Department of Taxation.
Historical Context
This trend is closely monitored by policymakers, economists, and social services organizations to assess the financial well-being of Ohio's working-age population.
Key Facts
- Ohio had over 1.2 million poverty tax exemptions claimed in 2021.
- The number of exemptions has increased by 8% over the past 5 years.
- Poverty tax exemptions account for 15% of all personal income tax filings in Ohio.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of personal income tax exemptions claimed by Ohio residents under age 65 who meet poverty-level income thresholds.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the prevalence of economic hardship and the utilization of tax relief programs intended to support lower-income households in Ohio.
Q: How is this data collected or calculated?
A: The data is collected through individual income tax filings submitted to the Ohio Department of Taxation.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, economists, and social services organizations to assess the financial well-being of Ohio's working-age population.
Q: Are there update delays or limitations?
A: The data is typically published with a 6-month delay as it relies on individual tax filings.
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Citation
U.S. Federal Reserve, Poverty Tax Exemptions Under Age 65 for Ohio (PLT65EXMOH39A647NCEN), retrieved from FRED.