IRS Spring 1995 Statistics of Income Bulletin

WASHINGTON - The Internal Revenue Service has issued the Spring edition of its Statistics of Income (SOI) Bulletin, featuring reports on the 1993 individual income tax returns and the 1992 S corporation returns, plus other articles.

For 1993 , the total individual income tax reached $501. 2 billion, passing the half-trillion dollar mark for the first time. This 5.3 percent increase over 1992 -- more than double the 2.2 percent rise in taxable income -- resulted largely from higher marginal tax rates for upper-income returns and a boost in the alternative minimum tax. The overall average tax rate rose from 13.1 percent to 13.5 percent of adjusted gross income (AGI).

Although both salaries and total AGI grew at less than the 3 percent inflation rate, other items showed sharp differences, reflecting changes in the economy. Net capital gain (less 1088) rose 21.4 percent, while taxable interest income dropped 19. 8 percent and unemployment compensation fell 12 .4 percent.

S corporations -- in which shareholders are taxed on their share of the profits at their individual rates -- continued to grow in number to 1. 8 million in 1992. They comprised 46.2 percent of all corporations, compared to 24.1 percent in 1986.

S corporations reported a total net income of $58.3 billion for 1992, about 14 percent of the amount for all corporations. Although S corporations may have up to 35 shareholders, about half had only one, with an overall average of 2.6 shareholders.

Other articles in the Spring SOI Bulletin focus on business income tax returns for exempt organizations, nonfiler profiles and foreign recipients of U.S. income. The Bulletin also has the first 1993 tables of income and tax data by state.

The quarterly SOI Bulletin costs $14; an annual subscription is $26. For either, contact the Superintendent of Documents, P.O. Box 371954, Pittsburgh, PA 15250-7954.

For other statistical information on taxes, write to the Director, Statistics of Income CP:R:S, Internal Revenue Service, P.O. Box 2608, Washington, DC 20013-2608; call the SOI electronic bulletin board at 202-874-9574; or telephone the statistical information services office at 202-874-0410.

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