November 15, 1991
New IRS Data Show Rose in 1988 Adjusted Gross Income
Individual income tax return statistics for tax year 1988 show
adjusted gross income up 11.1 percent.
Total adjusted gross income for that year was over $3 trillion,
with dividends, business or professional income, partnership and S
corporation income showing the largest increases. This is according
to the newly released Internal Revenue Service statistics of income
report, "Individual Income Tax Returns 1988," the first complete
study of its kind, available now. Most provisions of the Tax Reform
Act of 1986 went into effect that year.
Other data on individual income tax returns in this issue show
a rise of 11.8 percent in total income tax -- the sum of income tax
after credits and alternative minimum tax -- under the new lower tax
rates. The number of taxpayers increased almost 2.7 million from
1987 to 1988.
Required by section 6108 of the Internal Revenue Code, this
report is the result of a study based on a sample drawn from more
than 109 million returns filed for tax year 1988. It gives
estimates of taxpayers' income, deductions, exemptions, credits and
tax. The size of adjusted gross income, marital status, taxable and
non-taxable returns, tax status and type of tax computation are the
major classifiers.
A brief text reviews the requirements for filing a tax return,
changes in the law for 1988, a retrospective income classifier and a
description of the sample. There are copies of tax returns as
reference, an explanation of terms, and tabulations of data from
high-income returns, with an introductory explanation.
This Publication 1304, catalog number 63338HS, and other
statistics of income publications are for sale from the
Superintendent of Documents, U.S. Government Printing Office,
Washington, DC 20402.
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