The Internal Revenue Service today released the spring 2008 issue of the Statistics of Income Bulletin, featuring preliminary data from the 138.4 million individual tax returns filed for tax year 2006. This issue also features data on high-income returns filed for tax year 2005.
This edition of the quarterly Bulletin provides the latest view of the federal individual income tax base. For example, adjusted gross income in tax year 2006 rose 8.4 percent from the prior year to about $8 trillion, and taxable income rose 9 percent to roughly $5.6 trillion, according to the data, which may be subject to some future revisions.
This Bulletin also features articles on the following:
Trends in non-cash charitable contributions, including a big drop in car donations in 2005 that was likely related to tax law changes.
Statistics on cash flows and holdings of Individual Retirement Arrangements (IRAs). For example, at the end of 2004, almost 51 million taxpayers held roughly $3.3 trillion in IRAs.
Repatriation of funds by U.S. corporations due to the one-time received dividend deduction enacted in the American Jobs Creation Act of 2004.
Statistics on federal estate tax returns with gross estates greater than $1.5 million.
Growth in the number and assets of taxable Real Estate Investment Trust subsidiaries.
To access a broad range of tax statistics click on the Tax Statistics page. To view past SOI Bulletins click on the appropriate page.
The Statistics of Income Bulletin is available from the Superintendent of Documents, U.S. Government Printing Office, P.O. Box 371954, Pittsburgh, PA 15250-7954. The annual subscription rate is $53 ($74.20 foreign), single issues cost $39 ($48.75 foreign).
For more information about this, write the Director, Statistics of Income (SOI) Division, RAS:S, Internal Revenue Service, P.O. Box 2608, Washington, DC 20013-2608; call Statistical Information Services at (202) 874-0410; or send a fax to (202) 874-0964.