Statistics of Income (SOI) Bulletin - Winter 2010 PDF
(entire publication in PDF)
Individual Income Tax Returns, Preliminary Data, 2008 PDF |
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For Tax Year 2008, taxpayers filed 142.4 million U.S. individual income tax returns, a decrease of 0.5 percent from the 143.0 million returns filed for 2007. For the first time since Tax Year 2002, Adjusted Gross Income (AGI) and several other notable items showed a decline. Between 2007 and 2008, AGI decreased by 3.7 percent to $8.2 trillion. Key components that contributed to the decline in AGI were net capital gains, which decreased 40.4 percent from $749.1 billion in 2007 to $446.6 billion in 2008, and capital gain distributions (part of net capital gains), which decreased 74.6 percent to $22.0 billion. Over the same period, taxable income decreased 5.1 percent to $5.6 trillion; total income tax decreased by 6.2 percent to $1.0 trillion; and total tax liability fell by 6.0 percent to just under $1.1 trillion. However, despite the decreases in income and other taxes, the alternative minimum tax rose 6.3 percent to $22.2 billion for 2008. |
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In the Next Issue ■ Gift Tax Returns, 2008; |
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