SOI Tax Stats - SOI Bulletin: Fall 2021

 

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Statistics of Income (SOI) Bulletin - Fall 2021PDF

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Individual Income Tax Shares, Tax Year 2018PDF

by Adrian Dungan

For Tax Year (TY) 2018, nondependent taxpayers filed 144.3 million individual income tax returns (Table 1), an increase of 0.7 percent from the 143.3 million returns filed for TY 2017. Total AGI increased 5.7 percent to $11.56 trillion in 2018, while total income tax decreased 4 percent to $1.54 trillion.

For TY 2018, the top 0.001 percent of individual income tax returns had an AGI of at least $68.9 million, the peak during the 10 years of this study, which was an increase of 8.7 percent from the previous year when the top 0.001 percent of tax returns had an AGI of at least $63.4 million. These returns accounted for 2.1 percent of total AGI in TY 2018, down from 2.3 percent in TY 2017; and they also accounted for 3.6 percent of the total income tax in TY 2018, down from 3.9 percent in TY 2017.

Related Link: Individual Income Tax Rates and Tax Shares

 Partnership Returns, Tax Year 2019PDF 

By Ron DeCarlo, Tuba Ozer-Gurbuz, and Nina Shumofsky

The number of partnerships and partners in the United States both decreased for Tax Year 2019. This decline was the first decrease in the number of Partnerships since 1993. Partnerships filed 3.8 million returns for the year, representing more than 25.3 million partners. The Real estate and rental and leasing sector comprised just over half of all partnerships (50.8 percent) and almost a third of all partners (32.7 percent).

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Related Link: Partnership Statistics

Global Intangible Low-Taxed Income and the Section 250 Deduction, Tax Year 2018PDF

By Nuria McGrath, Chloe Gagin, and Jefferey Yan

For Tax Year 2018, U.S. shareholders filing U.S. Shareholder Calculation of Global Intangible Low-Tax Income (GILTI) (Form 8992) reported $342 billion in GILTI inclusions in their gross income. Parent corporations of these shareholders had total assets of almost $49.0 trillion, constituting 45.1 percent of all assets of active corporations. Approximately 91 percent of GILTI was attributed to corporations with total assets greater than $2.5 billion. Parent corporations of these shareholders had total receipts of $14.8 trillion, which is over 42.0 percent of all receipts of active corporations. Over 90.6 percent of GILTI was attributed to corporations with total receipts greater than $1 billion. U.S. shareholders filing a Form 8992 had Net Tested Income of $362.6 billion; this amount was reduced by $50.6 billion of Net Deemed Intangible Income Return (DTIR).

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Related Link: International Tax Cuts and Jobs Act Statistics

Section 965 Inclusion and Net Tax Liability, Tax Years 2017 and 2018PDF

By Melissa Costa and Bernard Quinn

Between Tax Year 2017 and 2018, about 6,700 U.S. Corporations reported a total of $3.5 trillion of Internal Revenue Code (IRC) section 965 inclusion of foreign deferred income, against which they deducted almost $2 trillion. They also added $206.5 billion in tax deemed paid to their foreign taxes available for the foreign tax credit, but subject to the foreign tax credit limitation. After all applicable credits, the net section 965 tax liability totaled $233.1 billion. Thus far, taxpayers have paid off nearly $39.2 billion. They will pay the remaining $194 billion in installments ending in Tax Year 2025.

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Related Link: Section 965 Transition Tax Statistics

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