September 12, 1996
IRS Issues Summer 1996
Statistics of Income Bulletin
WASHINGTON - The average tax rate for individuals for 1993 was
14.1 percent, 2.9 percent more than 1992, according to the Summer
1996 issue of the Internal Revenue Service quarterly publication,
the Statistics of Income Bulletin. This was the highest average tax
rate (tax divided by adjusted gross income or AGI) since 1986, and
was due entirely to taxpayers with AGI of $100,000 or more. The
average rate for all other individuals declined. An analysis of
income tax returns shows that the new higher tax rates enacted in
1993 for higher income individuals were largely responsible for the
increased average tax rate.
There were 1.1 million individual income tax returns in the top
one percentile based on AGI for 1993. They accounted for almost 14
percent of total AGI and 29 percent of total individual income tax.
To fall into the top one percent for 1993, taxpayers had to have an
AGI of at least $185,715.
For 1993, pre-tax profits reported on corporation income tax
returns increased 24 percent over 1992 to $498.2 billion, with 79
percent of the total attributable to "giant" companies (with assets
of $250 million or more). The corporation income tax grew from
$101.5 billion to $119.9 billion, as a result.
During Fiscal Year 1993 about 1.7 million individuals filed 2.5
million "delinquent" income tax returns (returns filed at least 360
days late). Fourteen percent of the "repeaters" filed three or more
returns. Over half of all "repeaters" owed more than $1,000 in tax.
There were 42,400 tax-exempt private foundations for 1992
reporting revenue totaling $23.6 billion. Returns filed by other
charities numbered 158,000. Their revenue totaled $523.8 billion.
The Statistics of Income Bulletin is available from the
Superintendent of Documents, U.S. Government Printing Office, P.O.
Box 37194, Pittsburgh, PA 15250-7954. The annual subscription rate
is $30 ($37.50 foreign). For other statistical information write
the Director, Statistics of Income (SOI) Division CP:R:S:S:P,
Internal Revenue Service, P.O. Box 2608, Washington, DC 20013-2608;
dial the SOI electronic bulletin board at (202) 874-9574; check the
World Wide Web at http://www.irs.gov; or telephone the SOI
statistical information services office at (202) 874-0410 (e-mail
firstname.lastname@example.org; FAX (202) 874-0964).
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