WASHINGTON
— The Internal Revenue Service today 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.
U.S. taxpayers reported
$7.4 trillion of adjusted gross income less deficit in tax year 2005, up 9.3 percent
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
percent and taxable interest rose 29.5 percent, while net partnership and S corporation
income gained 27.3 percent.
Taxable income totaled $5.1
trillion in tax year 2005, up 10 percent from the prior year. Total income tax
increased for a second straight year, rising 12.4 percent to $934.8 billion. Between
tax years 2003 and 2004, total income tax rose 11.2 percent, the first increase
in 4 years.
The alternative minimum tax (AMT) grew 33.7
percent 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 includes articles about:
- Growth
trends in partnerships:
Between tax years 2004 and 2005, the number of
partnerships rose 8.5 percent to about 2.76 million. The number of partners increased
just 4.2 percent to about 16.21 million in tax year 2005. Meanwhile, income rose
at a much faster rate. Total partnership net income climbed 42 percent 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 percent 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 percent. 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 percent from 2003. These organizations
held more than $2.0 trillion in assets, a real increase of 5 percent from the
previous year and 52 percent over the past decade.
- Corporate
foreign tax credits:
For tax year 2003, U.S. 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.
- Historical data:
The final article in the
issue describes the availability and expansion of SOI's published corporate data
between 1917 and today and presents some corporate data highlights within a historical
context.
The Bulletin also includes historical data
on income, deductions and tax reported on returns filed by individuals, corporations
and unincorporated businesses, with selected data.
From
the Tax Stats page, select "SOI Bulletins" under "Products, Publications,
& Papers" and click on "Historical Tables and Appendix." Also
on these pages are statistics presented on tax collections, including excise taxes
by type, and refunds for recent years.
The Statistics of
Income Bulletin is available from the Superintendent of Documents, U.S. Government
Printing Office, P.O. Box 371954, Pittsburgh, PA 15250-7954. The annual subscription
rate is $53 ($74.20 foreign), single issues cost $39 ($48.75 foreign).
For
more information about these data, write the Director, Statistics of Income (SOI)
Division, RAS:S, Internal Revenue Service, P.O. Box 2608, Washington, DC 20013-2608;
call SOI's Statistical Information Services at (202) 874-0410; or fax, (202) 874-0964.
