Spring 1990 Statistics of Income Bulletin Available

WASHINGTON - The most recent income and tax statistics are available in the Spring 1990 issue of the Internal Revenue Service quarterly publication, "The Statistics of Income Bulletin."

Included in the issue are personal wealth estimates showing that about 941,000 people had a net worth of $1 million or more, nearly twice the 475,000 total for 1982, the last year for which estimates were made. The personal wealth estimates show that approximately 3.3 million people alive in 1986 had gross assets of $500,000 or more. These top wealth-holders had a net worth of nearly $3.8 trillion, accounting for about 28.5 percent of the personal wealth in the U.S.

Female wealthholders accounted for 41.2 percent of the 3.3 million top wealthholders in 1986 compared with 36.9 percent at a corresponding level in 1982. Their average net worth, $1,169,000 was 6 percent higher than that of male top wealthholders. While this increase continued a recent trend, it was also due, in part, to a change in the estate tax law in 1982 which permitted bequests to the surviving spouse of a decedent to go untaxed.

The issue includes reports on estate tax returns filed in 1986-1988. Estate data provides basic demographic and financial data from over 348,000 returns filed for individuals who died between 1916 and 1945.

Preliminary statistics on the 110 million individual income tax returns filed for 1988 show that the adjusted gross income (AGI) increased to $3.1 trillion, an 11.7 percent increase from 1987. Total income tax reached $416.1 billion, an increase of 12.7 percent over 1987. Income tax as a percentage of AGI increased slightly from 13.3 percent to 13.4 percent.

Statistics on Controlled Foreign Corporations for 1984 show that over 1.100 large U.S. multinational corporations controlled over 28,500 foreign corporations. Gross business receipts of $625 billion were recorded on assets of $595 billion for these foreign subsidiaries, and the taxes they paid amounted to almost $20 billion.

The Bulletin also has historical and other statistics based on corporation and individual income tax returns, including 1988 data by state and size of adjusted gross income; tax collections and refunds; and projections of returns to be filled.

The Statistics of Income Bulletin is available from the Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402. The annual subscription rate is #20 for four issues; a single issue costs $7.50. Other statistical information services can be obtained by writing to the Director, Statistics of Income Division, Internal Revenue Service, (R:S:P), P. O. Box 2608, Washington, D.C. 20013.

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