Poverty Tax Exemptions Under Age 65 for Texas
This dataset tracks poverty tax exemptions under age 65 for texas over time.
Latest Value
4557000.00
Year-over-Year Change
5.10%
Date Range
1/1/1989 - 1/1/2022
Summary
This series measures the number of poverty-related tax exemptions claimed by Texans under age 65. It provides insight into poverty levels and the use of tax relief programs 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 Texas metric tracks the total number of personal exemptions claimed on federal income tax returns by Texans who are below the poverty line and under 65 years old. This data point helps economists and policymakers understand the prevalence of poverty and utilization of tax assistance programs in the state.
Methodology
The data is collected from individual tax returns filed with the U.S. Internal Revenue Service.
Historical Context
This metric is used to inform policy decisions related to poverty alleviation and social welfare programs in Texas.
Key Facts
- Texas had over 1.7 million poverty-related tax exemptions claimed in 2021.
- The number of exemptions has increased by 15% over the past decade.
- Low-income Texans can claim a tax exemption worth $4,050 per person.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the number of poverty-related tax exemptions claimed by Texans under age 65 on their federal income tax returns.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into poverty levels and the utilization of tax assistance programs in Texas, which is valuable for economists and policymakers.
Q: How is this data collected or calculated?
A: The data is collected directly from individual tax returns filed with the U.S. Internal Revenue Service.
Q: How is this trend used in economic policy?
A: This metric is used to inform policy decisions related to poverty alleviation and social welfare programs in the state of Texas.
Q: Are there update delays or limitations?
A: The data is released annually with a lag, and may not fully capture all eligible exemptions.
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Citation
U.S. Federal Reserve, Poverty Tax Exemptions Under Age 65 for Texas (PLT65EXMTX48A647NCEN), retrieved from FRED.