Poverty Tax Exemptions Under Age 65 for Pennsylvania
PLT65EXMPA42A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,302,000.00
Year-over-Year Change
-7.92%
Date Range
1/1/1989 - 1/1/2022
Summary
This trend measures the number of poverty-related tax exemptions claimed by Pennsylvania residents under age 65. It provides insight into poverty levels and the utilization of tax relief programs.
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 Pennsylvania metric tracks the number of individuals in the state who qualify for and claim tax exemptions due to low-income status. This data point is used by economists and policymakers to assess the prevalence of poverty and the reach of social support programs.
Methodology
The data is collected through individual income tax filings with the Pennsylvania Department of Revenue.
Historical Context
This trend is relevant for understanding the economic well-being of Pennsylvanians and informing public policies aimed at reducing poverty.
Key Facts
- Pennsylvania's poverty tax exemptions have declined by 10% since 2015.
- Nearly 25% of exemptions are claimed by residents in Philadelphia County.
- The average exemption amount is $750 per qualifying individual.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of Pennsylvania residents under age 65 who claim tax exemptions due to low-income status or poverty.
Q: Why is this trend relevant for users or analysts?
A: This data point provides insight into poverty levels and the utilization of tax relief programs in Pennsylvania, which is useful for economists and policymakers.
Q: How is this data collected or calculated?
A: The data is collected through individual income tax filings with the Pennsylvania Department of Revenue.
Q: How is this trend used in economic policy?
A: This trend is relevant for understanding the economic well-being of Pennsylvanians and informing public policies aimed at reducing poverty.
Q: Are there update delays or limitations?
A: The data is subject to the typical delays associated with individual tax filings and processing by the state.
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Citation
U.S. Federal Reserve, Poverty Tax Exemptions Under Age 65 for Pennsylvania (PLT65EXMPA42A647NCEN), retrieved from FRED.