Washington (April 26, 2002) -- The just-released Winter 2001-2002 issue of the Statistics of Income Bulletin includes an analysis of individual income tax returns, details on domestic private foundations and charitable trusts, an examination of information returns by gender and age, and a close look at the impact of the foreign tax credit used by U.S. corporations.The Bulletin examines the 127.1 million individual income tax returns filed for Tax Year 1999. More than 94.5 million returns, or 74.4 percent, showed some income tax liability. The average tax rate increased approximately 0.4 percent from 1998 to 15.7 percent in 1999. The average adjusted gross income (less deficit) (AGI) rose 6.4 percent to $59,028, while average total income tax increased to $9,280, a 9.5-percent increase. Total AGI reported on taxable returns increased 8.2 percent to $5,581 billion, while total income tax increased 11.3 percent to $877 billion.
The report finds that the percent of AGI reported by the top 1 percent of taxpayers for 1999 increased for the sixth consecutive year to 19.5 percent. The same group accounted for 36.2 percent of the total income tax, up from 34.8 percent of the total income tax they accounted for in 1998.
U.S. manufacturers continued to account for the majority of foreign-source taxable income, current-year taxes and foreign tax credits. U.S. corporations in finance, insurance and real-estate businesses, the fastest growing industry segment during the 1990’s, accounted for the second largest portion of foreign-source taxable income. The United Kingdom, Canada, Japan, Germany and the Netherlands again had the highest foreign income for U.S. corporations claiming foreign tax credits.
-- Electronic Accountant Newswire staff
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