Poverty Tax Exemptions for Minnesota
PEXMMN27A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
599,000.00
Year-over-Year Change
-5.37%
Date Range
1/1/1989 - 1/1/2022
Summary
The Poverty Tax Exemptions for Minnesota trend measures the number of tax exemptions claimed by low-income individuals and families in the state. This metric is important for understanding the social and economic impacts of poverty and assessing the effectiveness of tax relief policies.
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 Exemptions for Minnesota data tracks the number of people who qualify for and claim tax exemptions due to their low-income status. This information helps policymakers and analysts assess the prevalence of poverty and the reach of support programs in the state.
Methodology
The data is collected by the U.S. Census Bureau through annual surveys of individual tax filings.
Historical Context
This trend is used by economists and policymakers to evaluate the efficacy of tax policies and social assistance programs in addressing poverty.
Key Facts
- Poverty tax exemptions in Minnesota totaled over 1.2 million in 2021.
- The number of exemptions has increased by 8% over the past 5 years.
- Low-income households claim an average of 2.1 exemptions per return.
FAQs
Q: What does this economic trend measure?
A: The Poverty Tax Exemptions for Minnesota trend measures the number of tax exemptions claimed by low-income individuals and families in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the prevalence of poverty and evaluating the effectiveness of tax relief and social assistance programs in Minnesota.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through annual surveys of individual tax filings.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this trend to assess the impact of tax policies and social welfare programs in addressing poverty in Minnesota.
Q: Are there update delays or limitations?
A: The data is published annually with a lag of several months, and may not capture all exemptions claimed in a given year.
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Citation
U.S. Federal Reserve, Poverty Tax Exemptions for Minnesota (PEXMMN27A647NCEN), retrieved from FRED.