Washington (Dec. 17, 2002) -- Individual Adjusted Gross Income surged 8.7 percent to almost $6.4 trillion in 2000, while the income tax paid by individuals grew at an even faster pace, to nearly $981 billion.
These figures, from individual tax returns for 2000, are reported in the just issued Fall 2002 Statistics of Income Bulletin. Capital gains were one of the fastest growing components of income, jumping 16.2 percent over the prior year to $630.5 billion.
Salaries and wages, the largest source of income, also grew substantially at a 7.8 percent rate, to nearly $4.46 trillion.
The value of standard and itemized deductions did not keep pace with this increase in income. Together, these deductions grew by 7.3 percent, to $1.29 trillion.
The number of taxpayers paying the Alternative Minimum Tax in 2000 grew to more than 1.3 million, a sharp rise of 28.1 percent. At the same time, the tax liability for AMT grew even faster, jumping 48.2 percent to $9.6 billion.
-- Electronic Accountant Newswire staff
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