Poverty Tax Exemptions for Washington
PEXMWA53A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
761,000.00
Year-over-Year Change
-11.32%
Date Range
1/1/1989 - 1/1/2022
Summary
The 'Poverty Tax Exemptions for Washington' metric tracks the number of tax exemptions claimed by low-income households in the state of Washington. This provides insight into the prevalence of poverty and use of social support 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
This data series measures the number of state and local tax exemptions claimed by Washington residents with incomes below the poverty line. It serves as an indicator of the level of economic hardship and reliance on social safety net programs within the state.
Methodology
The data is collected through state tax filings and compiled by the U.S. Census Bureau.
Historical Context
Policymakers and economists use this metric to assess the effectiveness of anti-poverty initiatives and the overall economic well-being of low-income communities.
Key Facts
- Washington has the 12th highest poverty rate in the U.S.
- Over 800,000 Washington residents live below the poverty line
- The state's poverty tax exemption program has been in place since 1980
FAQs
Q: What does this economic trend measure?
A: This metric tracks the number of state and local tax exemptions claimed by low-income households in Washington, providing insight into poverty levels and reliance on social support programs.
Q: Why is this trend relevant for users or analysts?
A: This data is valuable for policymakers and economists to assess the effectiveness of anti-poverty initiatives and the overall economic well-being of low-income communities in Washington.
Q: How is this data collected or calculated?
A: The data is collected through state tax filings and compiled by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to evaluate the impact of social programs and guide the development of policies aimed at reducing poverty and income inequality.
Q: Are there update delays or limitations?
A: The data is subject to the typical reporting lags associated with tax filings and Census Bureau data releases.
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Citation
U.S. Census Bureau, Poverty Tax Exemptions for Washington (PEXMWA53A647NCEN), retrieved from FRED.