Statistics of Income (SOI) Bulletin - Summer 2017
(entire publication in PDF)
High-Income Tax Returns, 2014
By Justin Bryan
This annual study provides detailed data on returns with adjusted gross income or expanded income greater than $200,000. The study also looks at high-income, nontaxable returns (HINTs) and the reason for nontaxability. For Tax Year 2014, there were almost 6.3 million individual income tax returns with an expanded income of $200,000 or more, accounting for 4.2 percent of all returns for the year. Of these returns, 9,692 had no worldwide income tax liability. This was a 24.2-percent decline from the number of returns with no worldwide income tax liability in 2013, and the fifth decrease in a row since the all-time high of 19,551 HINTs in 2009.
Related Link: High Income Tax Returns
Corporate Foreign Tax Credit, Tax Year 2013
By Scott Luttrell
For Tax Year 2013, corporations filing a corporation income tax return reported a record $118.3 billion in foreign tax credits. This was an increase of $8.7 billion from the amount claimed for 2012. Taxable foreign-source income from corporations claiming the foreign tax credit increased 9.8 percent from 2012, to $460.9 billion for 2013, while their current foreign taxes paid increased by less than 1 percent to $126.2 billion. Firms in manufacturing industries accounted for 58 percent of all foreign tax credits. European countries accounted for 39.3 percent of taxable foreign-source income and 46 percent of current year foreign taxes.
Related Link: Corporate Foreign Tax Credit Statistics
Individual Noncash Contributions, Tax Year 2014
By Pearson Liddell and Janette Wilson
The number of individual returns filed by taxpayers with a Form 8283 attached increased 3.9 percent, from 7.7 million for Tax Year 2013 to 8.0 million for Tax Year 2014. Total donations increased 30.1 percent for 2014, up from $46.4 billion for the previous year. Corporate stock donations increased 48.0 percent from $19.7 billion for 2013 to $29.2 billion for 2014, while easements more than doubled to $3.2 billion. Of the $60.4 billion in noncash donations reported, over half went to foundations ($18.9 billion or 31.4 percent of the total) and large charitable organizations ($12.2 billion or 20.2 percent of the total).
Related Link: Special Studies on Individual Tax Return Data