IRS News Release  
November 08, 1995

Tax Trends Seen in
Fall Statistics of Income Bulletin

WASHINGTON - The IRS today released its Fall 1995 issue of the Statistics of Income Bulletin. Early estimates for Tax Year 1994, based on individual income tax returns filed through April 1995, reveal that figures for dependents, itemized deductions and unemployment compensation declined, while taxable social security benefits and earned income tax credit (EITC) amounts both rose substantially.

The 1994 statistics for several items confirm the impact of tax law changes and IRS enforcement efforts. By checking social security numbers on returns more carefully, the IRS prevented taxpayers who falsely claimed dependents in prior years from continuing to do so. As expected, the implementation of the new tax laws resulted in an increase in taxable social security amounts and a decline in itemized deductions by requiring substantiation for certain charitable contributions and changing moving expenses to an adjustment to total income rather than an itemized deduction.

Other articles in the Fall SOI Bulletin focus on:

  • 1993 sole proprietorship returns, which showed a 27 percent increase in the use of the simple Schedule C-EZ;
  • 1993 partnership returns, which reflected an increase in their profitability despite fewer partners and partnerships; and -- 1992 foreign-controlled domestic corporations, which indicate that although they represent 1.3 percent of all U.S. corporations, they pay seven percent of the corporate income tax.

The Bulletin has detailed statistical tables on these and other aspects of federal taxation. 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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