A number of important figures saw major jumps in 2014, according to the IRS’s Spring 2016 Statistics of Income Bulletin.
Among what the IRS called “several notable items [that] showed significant increases in 2014,” AGI rose to $9.7 trillion, an increase of 6.1 percent compared with the prior tax year. Taxable income also increased 8 percent to $6.9 trillion in 2014, as did total income tax, which rose 10 percent to $1.4 trillion.
Taxpayers filed 148.7 million U.S. individual income tax returns for tax year 2014, an increase of 0.6 percent from the prior year, according to the Spring 2016 bulletin.
Municipal bond issuances in 2012 and 2013 totaled $918.4 billion, the bulletin added, with almost all the issuances being tax-exempt bonds. Governmental bonds financed almost $729.6 billion in public projects in 2012 and 2013; private activity bonds accounted for the remaining $185.3 billion of all tax-exempt bonds over the same period.
SOI Bulletin articles are available for download here.
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