Income & Tax Decline for Tax Year 1992

WASHINGTON - United States taxpayers filed 106.3 million 1992 individual income tax returns by the end of April 1993, with another 8.5 million returns are expected by the year's end. This was a decline of 0.8 percent compared to the prior year, the first such decline in over a decade. The decline may reflect new lower levels of income tax withholding, so that many more taxpayers had outstanding balances and may have filed later than they would have or requested extensions of time in which to file.

The Fall 1993 Internal Revenue Service's quarterly "Statistics of Income Bulletin" available now, also reports that adjusted gross income on these returns increased 2.2 percent, from $2.5 trillion to $2.6 trillion.

In contrast to the small increase in salary and wage income for 1992, taxable unemployment compensation grew by 33.5 percent. Total income tax declined slightly from $413.2 billion to $408.2 billion.

Another article reports data for the first time on numbers of taxpayers reporting excise taxes and the distribution of these taxes by size and type. For fiscal year 1992, only seven excise taxes were responsible for over 80 percent of the total and were characterized by taxpayers with over $1 million in tax per quarter. Only six taxes involved more than 5,000 taxpayers.

Other articles report on sole proprietorship and partnership returns for 1991 and domestic corporations controlled by foreign persons for 1990.

"The Statistics for Income Bulletin" is available from the Superintendent of Documents, U.S. Government Printing Office, P.O. Box 2608, Washington, D.C. 20013-2608, dial the electronic bulletin board on (202) 874-9574, or telephone the statistical information services office on (202) 874-0410. (Neither of these numbers is toll-free.)

Previous | Next

1993 IRS News Releases | News Releases Main | Home