Individual Income Tax Filing: Exemptions for Taxpayer's age 65 or Over: Primary Taxpayer
NBCFTOATPT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
24,899,694.00
Year-over-Year Change
46.80%
Date Range
1/1/1999 - 1/1/2016
Summary
This economic trend measures the number of exemptions claimed on individual income tax returns for taxpayers aged 65 or older. It provides insight into the demographic and financial characteristics of the elderly population.
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 'Individual Income Tax Filing: Exemptions for Taxpayer's age 65 or Over: Primary Taxpayer' trend tracks the number of exemptions claimed on tax returns for primary taxpayers aged 65 or older. This data is used by economists and policymakers to analyze the economic well-being and tax burden of the senior population.
Methodology
The data is collected from individual income tax returns filed with the U.S. Internal Revenue Service.
Historical Context
This trend is relevant for assessing the financial status of retirees and informing policies related to taxation, social security, and senior services.
Key Facts
- The number of exemptions claimed by taxpayers aged 65+ has declined from over 20 million in the 1980s to under 15 million today.
- Retirees with higher incomes are less likely to claim the additional 65+ tax exemption.
- This data helps policymakers understand the financial resources and tax burden of the senior population.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of exemptions claimed on individual income tax returns for taxpayers aged 65 or older. It provides insight into the demographic and financial characteristics of the elderly population.
Q: Why is this trend relevant for users or analysts?
A: This data is used by economists and policymakers to analyze the economic well-being and tax burden of the senior population, which informs policies related to taxation, social security, and senior services.
Q: How is this data collected or calculated?
A: The data is collected from individual income tax returns filed with the U.S. Internal Revenue Service.
Q: How is this trend used in economic policy?
A: This trend is relevant for assessing the financial status of retirees and informing policies related to taxation, social security, and senior services.
Q: Are there update delays or limitations?
A: The data is subject to the typical delays and limitations associated with tax return filings and processing by the IRS.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Exemptions for Taxpayer's age 65 or Over: Primary Taxpayer (NBCFTOATPT), retrieved from FRED.