The IRS released, with IR-2009-109, the 2009 fall statistics of income bulletin, which has information on individual tax returns for 2007 as well as various information on partnership, foreign trusts, transactions between large foreign-owned domestic corporations and related foreign persons, various tax exempt organizations, private foundations and charitable trusts, and estate tax returns filed between 2001 and 2007.
A few interesting tidbits:
- Estate tax returns dropped from a mere 108,000 in 2001 to a pittance of 38,000 in 2007, primarily due to the substantial (temporary) increase in the exemption amount in the Bush tax cuts in 2001. In line with the fact that wealth disparity is increasing in this country, that decline was accompanied by an INCREASE in the number of returns filed for wealthier estates ($3.5 million in gross assets--which is of course the exemption amount in 2009).
- There were 143 million individual income tax returns filed in 2007, reporting 8.7 trillion of adjusted gross income (gross income, less a number of "above the line" deductions ).
- There were more than 18.5 million partnership returns, reporting more than $680 billion of income. (Of course, partnership income is passed through without tax to the partners, and taken into account on each partner's return.)
- California, Texas, Florida and New York had the most partnership and sole proprietorship returns
- MOre than 4,300 private activity tax exempt bonds were issued for more than $137 billion--financing private facilities and 501(c)(3) organizations-- such as rental units, single-family housing, airports, hospitals, private universities.
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