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IRS Releases 2007 Individual Income Tax Return Data

The IRS on Friday released 2007 Individual Income Tax Returns Preliminary Data:

Some highlights from the release of data from the forthcoming spring 2009 issue of the Statistics of Income Bulletin (IRS Publication 1136) shows that for tax year 2007, taxpayers filed 144.7 million individual income tax returns, an increase of 4.5% from the 138.4 million returns filed for 2006. In addition, AGI increased from the previous year by 6.9% to $8.5 trillion for 2007. Taxable income increased 6.8% to $5.9 trillion; the AMT rose 8.6% to $20.9 billion; total income tax increased by 6.5 % to $1.1 trillion; and total tax liability rose by 6.4% to $1.1 trillion.
             

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