Tuesday, April 27, 2004

The just-released Statistics of Income Bulletin (Winter 2003-04) includes Individual Income Tax Returns, Preliminary Data, 2002. Here is the abstract:

Taxpayers filed 130.2 million U.S. individual income tax returns for Tax Year 2002, a decrease of 0.2 percent from the 130.5 million returns filed in 2001. Adjusted gross income less deficit decreased 2.3 percent to $6.0 trillion for 2002. Taxable income declined 4.3 percent to $4.1 trillion. Total income tax fell 10.6 percent to $797.8 billion, and the total tax liability also decreased 10.1 percent to $834.3 billion. At the same time, statutory adjustments to total income increased 28.4 percent, from $58.6 billion to $75.3 billion; total deductions increased 1.9 percent to $1,373.6 billion; and total tax credits used to offset income tax liabilities decreased 13.8 percent to $39.0 billion. The total earned income credit for all income size classes increased 14.4 percent to $38.7 billion for Tax Year 2002.

For a related Excel table of data, see here. For more statistics on individual income tax returns, see here.

Over the coming week, TaxProf Blog will summarize the remaining Featured Articles and Data Releases in the latest SOI and provide links to the full reports and accompanying tables and statistics.