Poverty Tax Exemptions for Missouri
PEXMMO29A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
871,000.00
Year-over-Year Change
-8.62%
Date Range
1/1/1989 - 1/1/2022
Summary
The Poverty Tax Exemptions for Missouri trend measures the number of personal income tax exemptions claimed by low-income residents in the state. This data provides insight into poverty levels and eligibility for social assistance programs.
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 Missouri statistic tracks the number of personal income tax filers in the state who claim the poverty tax exemption. This exemption allows low-income individuals to reduce their taxable income, potentially increasing their tax refund or reducing their overall tax liability.
Methodology
The data is collected annually from Missouri state income tax filings.
Historical Context
Policymakers and economists use this trend to understand the prevalence of poverty and the effectiveness of anti-poverty programs in the state.
Key Facts
- In 2021, over 1 million Missouri residents claimed the poverty tax exemption.
- The poverty tax exemption reduces taxable income by $1,200 per qualifying dependent.
- Eligibility for the exemption is based on federal poverty guidelines for household size and income.
FAQs
Q: What does this economic trend measure?
A: The Poverty Tax Exemptions for Missouri trend measures the number of personal income tax exemptions claimed by low-income residents in the state.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into poverty levels and eligibility for social assistance programs in Missouri, which is useful for policymakers and economists.
Q: How is this data collected or calculated?
A: The data is collected annually from Missouri state income tax filings.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to understand the prevalence of poverty and the effectiveness of anti-poverty programs in the state.
Q: Are there update delays or limitations?
A: The data is updated annually, with a typical 6-month delay from the end of the tax year.
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Citation
U.S. Federal Reserve, Poverty Tax Exemptions for Missouri (PEXMMO29A647NCEN), retrieved from FRED.