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Revisions to the Fall 1994 IssueTable 2.-Form 990EZ Returns of Organizations Tax-Exempt Under Internal Revenue Code Sections501 (c)(3)-(9): Selected Income Statement and Balance Sheet Items, by Code Section-ContinuedEAU fiQures are estimates based on samples-money amounts are in thousands of dollars]Item501 (c)(3)501 (c)(4)Organizations tax-exempt under Internal Revenue Code section-501 (c)(5)501 (c)(6)501 (c)(7)501 (c)(8)501 (c)(9)(3)(4)(5)(6)Total expenses:Number of returns, .......................................................AmounL.................27,0651,208,2847,338277,3956,437339,4824,415233,1073,704148,8981,90065,736Grants paid:Number of returns .....................................................Amount ......................................................................Benefits paid to or for members:Number of returns .....................................................AmountSalaries and compensation: ..........Number of returns .....................................................Amount......................................................................Professional fees:Number of returns .....................................................Amount......................................................................Occupancy, rent, and utilities:Number of returns.....................................................Amount......................................................................9,039155,7991.80814,37712.3963D3,30514,669100,77016,476139,6573,89149,3151,10422,3161,84024,4503,03918,5912,99225,7072,34539,3212,64529,4295,32091,3183,80710,4574.10922,2111,3856,88967210,8881,72932,5223,17424.8672,17210.4778034,5124737,5891,29919,0401.9866,7692,87641,7051,3108.7406036,3351.0836,0617216011,47012,30433015,1811712,0901581,D6143157Printing, publications, and postage:-Numberof ret s..........................................Amount......................................................................Other expenses:,Number of returns.....................................................Amount......................................................................21-1693-81,71525,567412,644,-41308-11,5976,150135,147-31672-27,0844,158126,37821544-6,5903,31762,6921-.513-3,4281,61428,2673911594,015Excess (deficit) of revenue over expenses:Number of returns........................................ ........._iniou_ft ......... .................................... ................... ..... ...........27,013-1-05-,20-5-7,4391-6"_81' -96,4377_,39_90__41415.12,529-3,747--11,05411 9004,1!i2l3731,2,4Excludes private foundations and most religious organizations.NOTE: Detail may not add to totals because of, rounding and processing tolerances.8
Individual Income Tax Returns, PreliminaryData, 1993byTherese M. CrucianoPreliminary data show that taxpayers filed 114.6million U.S. individual income tax returns for TaxYear 1993, an increase of 0.8 million returns, or0.7 percent, from the number filed for 1992. Adjustedgross income less deficit (AGI) increased a modest 2.3percent, to more than $3.7 trillion, compared to the 4.8percent increase between 1991 and 1992. Taxable incomealso rose a moderate 2.2 percent to over $2.4 trillion.In contrast, total income tax increased 5.3 percent,from $476.0 billion for 1992 to $501.2 billion for 1993.A substantial portion of the increase in income tax wasreported by high-income taxpayers, mainly as the result ofthe new 36 percent and 39.6 percent marginal tax ratesfirst effective for 1993 (31 percent was the highest rate for1992), as well as the increased alternative minimum taxrates of 26 percent and 28 percent (24 percent was theonly rate for 1992). However, taxpayers affected by thenew marginal tax rates for 1993 were permitted to deferpayment of two-thirds of the tax owed that was in excessof the tax that would have been owed at the previous 31percent rate. An estimated 640,000 taxpayers elected touse this deferral. While the average tax rate increased1.6 percentage points for individuals with AGI of$100,000 or more, the average tax rate for those individualswith AGI under $100,000 declined 0.1 percentagepoints.During 1993, the consumer price index (CPI-U) grewat an annual rate of 3.0 percent, the same rate of growth asfor 1992 [1]. The growth of both aggregate AGI andaggregate salaries and wages was less than the rate ofinflation. The moderate growth in AGI reflected modestgains in a number of income items. Salaries and wages,the principal portion of adjusted gross income, grew by2.8 percent, or one-half the 1992 rate. However, someother items did show significant increases for 1993: netcapital gain (less loss) rose 21.4 percent; and partnershipand S Corporation net income (less loss) increased 8.8percent. Still others showed large declines for 1993,including a 19.8-percent decrease in taxable interest, anda 12.4-percent decline in unemployment compensation.The foreign tax credit rose 16.0 percent, while the totalearned income credit increased 19.1 percent from 1992.The comparisons of data for Tax Years 1992 and 1993in this article are based on the preliminary estimates forboth years [2]. A few income and tax items tend to beunderstated in preliminary estimates; therefore, comparisonsbased on preliminary estimates for one year and finalTherese M. Cruciano is an economist with the IndividualReturns Analysis Section, JeffHartzok, Chiefestimate§ from previous years could be misleading. Comparisonsbased entirely on preliminary estimates reducethe likelihood of misinterpretation of the data, and afford amore accurate representation of year-to-year change.Final statistics for Tax Year 1992 are available in thehistorical tables at the end of this issue of the Bulletin.Adjusted Gross Income, Taxable Income, and TotalIncome TaxAGI grew at a slightly higher annual rate than taxableincome, 2.3 percent for 1993 (Figure A) versus 2.2percent for 1992. Total income tax, however, rose by 5.3percent, reflecting increases primarily due to the new 36percent and 39.6 percent marginal tax rates for highincomereturns. The alternative minimum tax (AMT), onthe other hand, rose 53.9 percent. Most of this increaseapparently resulted from the increase in the basic alternativeminimum tax rate from 24 percent to 26 percent andthe imposition of a new 28 percent tax on alternativeminimum taxable income in excess of the first $175,000($87,500 if married filing separately).Average AGI reported on 1993 individual income taxreturns was $32,489, representing a growth of $494, or 1.5percent, over the amount for 1992; in contrast, averageAGI for 1992 grewIncome tax increased 5.3$1,788 to $31,995, or apercent to S501.2 billion. A 5.9 percent increase fromsubstantial portion of the 1991. Average taxableincrease was due to highincometaxpayers subject to $26,961, up $594 (or 2.3income for 1993 equaledpercent) from the 1992the new 36 percent and 39.6amount of $26,367,percent marginal tax rates.which showed a growthof $1,779 (or 7.2 percent)over the amount for 199 1. In addition, average totalincome tax for 1993 grew $319 (or 5.8 percent), to $5,796per taxable return (i.e., a return showing an amount fortotal income tax liability), in contrast to the $439 increase(or 8.7 percent) to $5,477 per taxable return for 1992 [3].The average tax rate for 1993 (i.e., total income taxdivided by AGI reported on all returns, taxable andnontaxable) was 13.5 percent, 0.4 percentage points morethan for 1992 (Figure B). However, all income sizeclasses with AGI less than $100,000 had average tax ratesslightly less for 1993 than for 1992, while the average taxrate for returns with AGI between $100,000 and $200,000increased only 0. 1 percent. Therefore, the higher overalltax rate for 1993 was essentially used by the individualsin the AGI size classes of $200,000 or more. The principalreasons for the higher average tax rates at the upperend of the income scale were the addition of two new9
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