IRS Tax Statistics Available

The most recent U.S. income and tax statistics are now available in the Fall 1990 issue of the Internal Revenue Service quarterly publication "Statistics of Income Bulletin".

For 1988, California and New York led the Nation in adjusted gross income (AGI), with California reporting 13 percent of the total and New York, 8.6 percent. In each state, over 50 percent of the total AGI was reported on returns with income of $50,000 or more while the national average was 45 percent. Income size distributions for 1986-1988 are the first published since 1980.

Environmental excise taxes totaling $841.9 million before adjustments were reported by 642 businesses for 1988. After statutory adjustments and credits, the tax was $827.3 million, an increase of $67.2 million over 1987.

While the foreign-source income and foreign taxes paid by petroleum companies both declined for 1986, the petroleum industry still claimed the largest portion (31.89 percent) of the total foreign tax credit. U.S. corporations paid about $23.1 billion in taxes to foreign governments on over $65.8 million of foreign-source taxable (net) income for 1986. Total foreign tax credit rose from $21.4 billion for 1984 to $24.3 billion for 1985, before falling to $22.3 billion for 1986.

Due partly to the repeal of the investment credit, corporation income tax increased to $87 billion for 1987, the net combined effect of a $7.3 billion increase in the total income tax (before credits) and a $5.8 billion decrease in total tax credits. The new "alternative minimum tax" rose to $2.2 billion, over twice that reported under the former minimum tax in effect for 1986, while the number of "S corporations" increased by more than one-third.

The "Bulletin" also has historical and other statistics based on corporation and individual income tax returns, other tax returns, tax collections and refunds, and projections of returns to be filed.

The "Statistics of Income Bulletin" is available from the Superintendent of Documents, U.S. Government Printing Office, Washington, DC 10402. The annual subscription rate is $20 for four issues; a single issue costs $7.50. Other statistical information can be obtained by writing to the Director, Statistics of Income Division, Internal Revenue Service, P. O. Box 2608, Washington, DC 20013.

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