CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. IRS Issues Statistics Of Income Bulletin

IRS Issues Statistics Of Income Bulletin

by Mike Godfrey, Tax-News.com, Washington

03 December 2007


The US Internal Revenue Service has released the Fall 2007 issue of the Statistics of Income Bulletin, featuring data from 134.4 million individual income tax returns filed for tax year 2005.

US taxpayers reported $7.4 trillion of adjusted gross income less deficit in tax year 2005, up 9.3% from tax year 2004, when 132.2 million returns were filed.

Certain types of income posted strong gains between 2004 and 2005. Net capital gains climbed 41%, and taxable interest rose 29.5%, while net partnership and S corporation income gained 27.3%.

Taxable income totalled $5.1 trillion in tax year 2005, up 10% from the prior year. Total income tax increased for a second straight year, rising 12.4% to $934.8 billion. Between tax years 2003 and 2004, total income tax rose 11.2%, the first increase in 4 years.

The alternative minimum tax (AMT) grew 33.7% between 2004 and 2005 to $17.4 billion. Four million taxpayers paid the AMT in 2005, compared to almost 3.1 million in tax year 2004.

This edition of the quarterly Bulletin also included articles about:

- Growth trends in partnerships: Between tax years 2004 and 2005, the number of partnerships rose 8.5% to about 2.76 million. The number of partners increased just 4.2% to about 16.21 million in tax year 2005. Meanwhile, income rose at a much faster rate. Total partnership net income climbed 42% to $546.2 billion in tax year 2005.

- Municipal bond issuance: State and local governmental entities issued about $475 billion of tax-exempt bonds in calendar year 2005, up 11.9% from the prior year. Governmental bonds accounted for about three-quarters of the total, while private-activity bonds represented the remainder.

- A look at private foundations: The number of private foundations that filed Form 990-PF remained nearly the same between tax years 2003 and 2004,while the number of nonexempt charitable trusts treated as private foundations that filed the return increased by 12%. In tax year 2004, private foundations distributed $27.6 billion in contributions, gifts, and grants and other outlays for charitable purposes, while nonexempt charitable trusts distributed $314 million.

- Recent data on charities: For tax year 2004, nonprofit charitable organizations exempt from income tax under Internal Revenue Code Section 501(c)(3) filed more than 276,000 information returns, an increase of 5% from 2003. These organizations held more than $2.0 trillion in assets, a real increase of 5% from the previous year and 52% over the past decade.

- Corporate foreign tax credits: For tax year 2003, US corporations claimed $50 billion in foreign tax credits. Corporations that claimed a foreign tax credit paid $140.5 billion in worldwide income taxes on $424.5 billion in worldwide taxable income.


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »