Poverty Tax Exemptions Under Age 65 for Vermont
This dataset tracks poverty tax exemptions under age 65 for vermont over time.
Latest Value
55000.00
Year-over-Year Change
-25.38%
Date Range
1/1/1989 - 1/1/2022
Summary
This series measures the number of poverty tax exemptions claimed by Vermont residents under age 65. It provides insight into the economic well-being and social support needs of the working-age population 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 exemption allows lower-income individuals and families to reduce their taxable income, providing financial relief. This data series tracks the utilization of this exemption among non-elderly Vermonters, which can inform policy decisions related to poverty alleviation and social safety net programs.
Methodology
The data is collected through personal income tax filings in Vermont.
Historical Context
Policymakers and economists analyze this trend to assess the prevalence of financial hardship and the effectiveness of tax-based assistance programs.
Key Facts
- Vermont has a population of around 623,000 as of 2021.
- The poverty rate in Vermont was 10.9% in 2020.
- The poverty tax exemption can reduce taxable income by up to $4,000 per qualifying individual.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of poverty tax exemptions claimed by Vermont residents under age 65. It provides insight into the financial hardship and need for social assistance among the working-age population in the state.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for policymakers, economists, and researchers studying poverty, social welfare, and the effectiveness of tax-based assistance programs in Vermont.
Q: How is this data collected or calculated?
A: The data is collected through personal income tax filings in Vermont.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this trend to assess the prevalence of financial hardship and the effectiveness of tax-based assistance programs, which can inform decisions related to poverty alleviation and social safety net policies.
Q: Are there update delays or limitations?
A: The data is subject to the typical delays associated with personal income tax filing and processing in Vermont.
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Citation
U.S. Federal Reserve, Poverty Tax Exemptions Under Age 65 for Vermont (PLT65EXMVT50A647NCEN), retrieved from FRED.