Poverty Tax Exemptions Under Age 65 for Utah
PLT65EXMUT49A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
309,000.00
Year-over-Year Change
-21.49%
Date Range
1/1/1989 - 1/1/2022
Summary
This economic trend measures the number of poverty tax exemptions claimed by Utah residents under age 65. It provides insight into the state's low-income population and demand for tax relief.
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 Utah metric tracks the number of residents in the state who claim a tax exemption due to low income. This data is used by policymakers and economists to assess the economic wellbeing of Utah's working-age population.
Methodology
The data is collected through state tax filings and reported annually by the U.S. Census Bureau.
Historical Context
This trend is relevant for understanding social welfare policies and the cost of living in Utah.
Key Facts
- Utah's poverty tax exemption claims peaked in 2009 during the Great Recession.
- The number of claims has declined by over 25% since 2015.
- Poverty exemptions are more common in Utah's urban counties compared to rural areas.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of Utah residents under age 65 who claim a tax exemption due to low income. It provides insight into the state's working-age poverty population.
Q: Why is this trend relevant for users or analysts?
A: This data is useful for policymakers and economists to assess the economic wellbeing of Utah's working-age population and the demand for social welfare programs.
Q: How is this data collected or calculated?
A: The data is collected through state tax filings and reported annually by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: This trend is relevant for understanding social welfare policies and the cost of living in Utah. It can inform decisions around tax credits, poverty alleviation programs, and economic development initiatives.
Q: Are there update delays or limitations?
A: The data is reported annually, so there may be a 1-year delay in the most recent figures. The data is limited to Utah residents and does not include the full picture of poverty across the state.
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Citation
U.S. Census Bureau, Poverty Tax Exemptions Under Age 65 for Utah (PLT65EXMUT49A647NCEN), retrieved from FRED.