The just-released Winter 2005-2006 issue of the Statistics of Income Bulletin discloses that adjusted gross income rose in 2004 for the second year in a row, increasing by 8.9 percent to $6.8 trillion. The largest component of AGI, salaries and wages, increased 6.0 percent to $4,977.9 billion, while net capital gains rose 53.2 percent to $442.1 billion. Taxable income increased 10.6 percent to $4.6 trillion.
For 2004, taxpayers filed 132.4 million individual income tax returns, an increase of 1.4 percent from the 130.6 million returns filed for 2003. Total income tax revenue increased 10.5 percent to $870.3 billion.
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