Fall 1989 Statistics of Income Bulletin Available

WASHINGTON - The latest income and tax statistics have been published in the Internal Revenue Service Fall 1989 Statistics of Income Bulletin.

Highlights of the issue are:

• A report on 1988 individual income tax returns filed through April 1989 show the average tax per return increased to $3,628 from $3,190 in 1987. Tax, as a percentage of adjusted gross income (AGI), increased slightly to 12.8 percent from 12.7 percent in 1987 while the AGI increased by nearly 16 percent. The percentage of returns with itemized deductions continued to decline from 50.7 to 46.1 percent. The 1988 statistics cover the first year where most provisions of the 1986 Tax Reform Act affecting individuals were implemented.
• For 1984, more than 1,100 'giant' U. S. multinational corporations controlled over 28,500 foreign corporations. The 27,000 controlled foreign corporations for which income data were reported held $595 billion in assets and generated $625 billion in receipts. Pre-tax earnings and profits of these corporations totaled $49 billion which $20 billion in taxes were paid to foreign countries.
• charitable organizations for 1985 and environmental taxes for 1987. It also presents historical and other statistics based on corporation and individual income tax returns, including 1987 data by state for individuals, tax collections and refunds, and projections of tax returns to be filed.

The Statistics of Income Bulletin is available from the Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402. The annual subscription rate is $20 for four issues; a single issue costs $7.50. Other statistical information can be obtained by writing to the Director, Statistics of Income Division; Internal Revenue Service (R:S); 1111 Constitution Avenue, N.W.; Washington, DC 20224.

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