Statistics of Income Bulletin for Fall 1994

WASHINGTON - Early statistics for 1993, based on the 106.8 million individual income tax returns filed by the end of April 1994, show that adjusted gross income (AGI) grew by 2.3 percent over 1992, from $3,254 billion to $3,328 billion. Taxable income grew 2.2 percent from $2,103 billion to $2,150 billion, while total income tax increased 4.9 percent, from $408 billion to $428 billion. Much of the increase in tax reflects the impact of the new marginal tax rates applicable to high-income taxpayers.

Reflecting the end of the recent economic recession, 1992 nonfarm sole proprietorship profits increased from $141.5 billion for 1991 to $154 billion, while 1992 partnership profits more than doubled, from $21.4 billion for 1991 to $42.9 billion.

For 1991, about 220,000 individual income taxpayers were able to exclude more than $9.7 billion of foreign-earned income and employer-provided housing expenses from AGI, and about 873,000 were able to credit $1.8 billion of foreign taxes against their U.S tax liabilities. The United Kingdom, Canada and Japan were the countries with the largest proportions of foreign-earned income. Almost half of the $3.3 billion in taxes qualifying for foreign tax credit were paid to these same three countries.

For 1988, about 1.5 million delinquent farm and nonfarm sold proprietorship returns were secured through IRS enforcement efforts. These returns showed $22.2 billion in "total income," an average of $15,000 per return, and 68 percent of them showed an income tax liability. After IRS examination, total income increased to $30.5 billion, an average of nearly $21,000 per return, and 82 percent of the returns showed a tax liability. Nonfarm business profits increased from $9.9 billion to $16 billion, while farm business profits increased from $-0.1 billion to $+0.6 billion.

These and other statistics are included in the Internal Revenue Service's Fall 1994 Statistics of Income Bulletin, available now from the Superintendent of Documents, U.S. Government Printing Office, P.O. Box 37194, Pittsburgh, PA 25250-7954. Annual subscriptions are $25 for four issues; single issues cost $13.

For other statistical information, write the director, Statistics of Income CP:R:S, Internal Revenue Service, P.O. Box 2608, Washington, DC 20013-2608; dial the Statistics of Income electronic bulletin board, (202) 874-9574; or call the statistical information services desk, (202) 874-0410.

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