IRS Issues Fall Statistics of Income Bulletin

WASHINGTON - The Internal Revenue Service has resumed publication of excise tax statistics with data available for Fiscal Years 1994 and 1995. Excise taxes collected by IRS in Fiscal Year 1995 totaled $45 billion, up from $43 billion in 1994. The total includes taxes on gasoline of $19.9 billion, diesel fuel $6.7 billion, air transportation $4.9 billion and telephone and teletype services $3.8 billion. Another $11.8 billion in excise taxes were collected by the Bureau of Alcohol, Tobacco and Firearms.

Statistics about unincorporated businesses for 1994 show that profits of the 16.2 million nonfarm sole proprietorships were $166.8 billion, 7 percent more than 1993, while profits of the 1.5 million partnerships increased 23 percent to $82.2 billion.

The earned income credit claimed on 1995 returns filed through April 1996 increased to $24.8 billion from $19.9 billion on 1994 returns according to the Fall 1996 issue of the Statistics of Income Bulletin. About 18.3 million low-income wage earners claimed the credit, compared to 17.7 million the year before. Data from 1995 individual income tax returns show that adjusted gross income totaled $3,670.6 billion, up 6 percent over 1994 filings through April 1995. As a result income tax after credits increased to $485.1 billion, 8 percent over 1994.

The Statistics of Income Bulletin is available from the Superintendent of Documents, U.S. Government Printing Office, P.O. Box 37194, Pittsburgh, PA 15250-7954. The annual subscription rate is $30 ($37.50 foreign); single issues cost $15 ($17.50 foreign). For other statistical information, write the Director, Statistics of Income Division CP:R:S:S:P, Internal Revenue Service, P.O. Box 2608, Washington, DC 20013-2608; dial the Statistics of Income electronic bulletin board at (202) 874-9574 (e-mail at [email protected]); call the statistical information services office at (202) 874-0410 (FAX 202-874-0964) or check the World Wide Web at http://www.irs.gov.

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