Age 65 and Over, Poverty Tax Exemptions for Maryland
PAGEXMMD24A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
94,000.00
Year-over-Year Change
59.72%
Date Range
1/1/1989 - 1/1/2022
Summary
This trend measures the number of people age 65 and over in Maryland who claimed a poverty tax exemption. It provides insight into the financial well-being of the state's senior 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 Age 65 and Over, Poverty Tax Exemptions for Maryland metric tracks the count of Maryland residents aged 65 and older who qualified for a state tax exemption due to their low-income status. This data point is used by policymakers and researchers to assess the economic security of the state's aging population.
Methodology
The data is collected annually through individual tax filings in Maryland.
Historical Context
Policymakers utilize this trend to inform programs and legislation aimed at supporting low-income seniors in the state.
Key Facts
- The number of Marylanders aged 65+ claiming a poverty tax exemption was 69,000 in 2021.
- The poverty tax exemption in Maryland is worth up to $5,000 in tax savings.
- Seniors must have an income under $30,000 to qualify for the poverty tax exemption.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of Marylanders aged 65 and over who qualified for a state tax exemption due to their low-income status.
Q: Why is this trend relevant for users or analysts?
A: This data point provides insight into the financial well-being of Maryland's senior population, which is useful for policymakers and researchers focused on supporting low-income older adults.
Q: How is this data collected or calculated?
A: The data is collected annually through individual tax filings in the state of Maryland.
Q: How is this trend used in economic policy?
A: Policymakers utilize this trend to inform programs and legislation aimed at supporting low-income seniors in Maryland.
Q: Are there update delays or limitations?
A: The data is published annually, so there may be a 1-year lag in the most recent information.
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Citation
U.S. Census Bureau, Age 65 and Over, Poverty Tax Exemptions for Maryland (PAGEXMMD24A647NCEN), retrieved from FRED.