The Internal Revenue Service issued the fall 2008 edition of its Statistics of Income Bulletin, showing growth in income for both individuals and businesses in 2006, but that was before the economic downturn had really hit.

Of the 138.4 million individual income tax returns filed for tax year 2006, adjusted gross income less deficit (losses) reported for 2006 totaled $8.0 trillion, an 8.2 percent increase from the previous year, while taxable income increased 8.6 percent to $5.6 trillion in 2006. Total income tax rose 9.5 percent to $1 trillion in 2006.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access