Age 65 and Over Tax Exemptions for South Carolina
AGEXMSC45A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
696,000.00
Year-over-Year Change
77.70%
Date Range
1/1/1989 - 1/1/2022
Summary
The 'Age 65 and Over Tax Exemptions for South Carolina' trend tracks the number of personal income tax exemptions claimed by South Carolinians aged 65 and older. This data provides insights into the state's aging population and senior tax burden.
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
This data series represents the number of personal income tax exemptions claimed by South Carolina residents aged 65 and above. It serves as an indicator of the state's senior population and helps policymakers understand the tax implications of the state's aging demographics.
Methodology
The data is collected from individual income tax returns filed with the South Carolina Department of Revenue.
Historical Context
This trend is used by state economists and policymakers to assess the impact of tax policies on senior citizens and to inform decisions about programs and services for the aging population.
Key Facts
- In 2021, there were over 600,000 tax exemptions claimed by South Carolinians aged 65 and older.
- The number of senior tax exemptions has grown by 25% over the past decade as the state's population ages.
- South Carolina offers a range of tax credits and deductions for residents 65 and above to help offset the cost of living.
FAQs
Q: What does this economic trend measure?
A: This trend tracks the number of personal income tax exemptions claimed by South Carolina residents aged 65 and older.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the state's aging population and helps policymakers understand the tax implications of South Carolina's demographic shifts.
Q: How is this data collected or calculated?
A: The data is collected from individual income tax returns filed with the South Carolina Department of Revenue.
Q: How is this trend used in economic policy?
A: State economists and policymakers use this trend to assess the impact of tax policies on senior citizens and to inform decisions about programs and services for the aging population.
Q: Are there update delays or limitations?
A: The data is published annually with a typical 6-month delay following the close of the tax year.
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Citation
U.S. Federal Reserve, Age 65 and Over Tax Exemptions for South Carolina (AGEXMSC45A647NCEN), retrieved from FRED.