Poverty Tax Exemptions Under Age 65 for Maine
PLT65EXMME23A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
128,000.00
Year-over-Year Change
-17.78%
Date Range
1/1/1989 - 1/1/2022
Summary
This data series tracks the number of poverty tax exemptions claimed by Maine residents under age 65. It provides insight into the economic challenges facing working-age adults in the state.
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 exemption allows low-income individuals to reduce their state tax liability. Tracking the usage of this exemption helps policymakers understand the scale of financial hardship in Maine's working population.
Methodology
The data is collected through state tax filings and tabulated by the U.S. Census Bureau.
Historical Context
This metric is used to inform state-level poverty reduction policies and programs.
Key Facts
- Maine has one of the highest poverty rates in the U.S.
- Over 100,000 working-age adults claimed the poverty tax exemption in 2021.
- The exemption reduces state income tax liability for low-income filers.
FAQs
Q: What does this economic trend measure?
A: This data series tracks the number of Maine residents under age 65 who claimed the state's poverty tax exemption when filing their income taxes.
Q: Why is this trend relevant for users or analysts?
A: The poverty tax exemption usage provides insight into the scale of financial hardship facing Maine's working-age population, which is crucial information for policymakers and economists.
Q: How is this data collected or calculated?
A: The data is collected through state tax filings and tabulated by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: This metric informs state-level policies and programs aimed at reducing poverty and providing support for low-income working adults in Maine.
Q: Are there update delays or limitations?
A: The data is released annually with a lag, reflecting the timing of state tax filing deadlines.
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Citation
U.S. Census Bureau, Poverty Tax Exemptions Under Age 65 for Maine (PLT65EXMME23A647NCEN), retrieved from FRED.