Age 65 and Over, Poverty Tax Exemptions for Pennsylvania
PAGEXMPA42A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
358,000.00
Year-over-Year Change
23.25%
Date Range
1/1/1989 - 1/1/2022
Summary
This trend tracks the number of poverty tax exemptions claimed by Pennsylvanians aged 65 and over. It provides insight into the economic security 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 exemption data represents the number of Pennsylvanians in this age group who claimed an exemption from state or local taxes due to low income. This metric helps quantify the financial hardship faced by senior citizens in the state.
Methodology
The data is collected annually through Pennsylvania's state tax administration.
Historical Context
Policymakers use this trend to understand the economic challenges confronting the state's aging population and inform programs and policies to support low-income seniors.
Key Facts
- The number of Pennsylvanians aged 65+ claiming poverty tax exemptions in 2021 was 149,000.
- Poverty tax exemptions help low-income seniors reduce their state and local tax burden.
- The share of Pennsylvanians aged 65+ living in poverty is higher than the national average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of Pennsylvanians aged 65 and over who claimed a tax exemption due to low income, providing insight into the financial security of the state's senior population.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for policymakers, economists, and advocates working to understand and address the economic challenges facing low-income seniors in Pennsylvania.
Q: How is this data collected or calculated?
A: The data is collected annually through Pennsylvania's state tax administration.
Q: How is this trend used in economic policy?
A: Policymakers use this trend to inform programs and policies aimed at supporting the financial security of low-income seniors in Pennsylvania.
Q: Are there update delays or limitations?
A: The data is published annually, so there may be a delay of up to a year before the most recent figures are available.
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Citation
U.S. Federal Reserve, Age 65 and Over, Poverty Tax Exemptions for Pennsylvania (PAGEXMPA42A647NCEN), retrieved from FRED.