Wages and salaries are the largest source of adjusted gross income (AGI) for most taxpayers. In 2016, they comprised over 70 percent of AGI for all individual taxpayers, but just 18 percent for those with AGI over $10 million.
April 22, 2019
Take up of the Credit for the Elderly and Disabled has declined since neither the credit amount nor the income limits have been adjusted for inflation in 35 years. It was claimed by 1 million taxpayers in 1976, 60,000 in 2016, and fewer claimants are expected in coming years.
April 15, 2019
Around 4 million taxpayers per year have paid the individual Alternative Minimum Tax (AMT) since 2005. Due to 2017's tax law changes, the AMT will be paid by only about 200,000 taxpayers, and will impose tax of around $5 billion in 2018, down from $31 billion in 2016.
April 8, 2019