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1 Alan Cole, Sources of Personal Income 1 (2015)

handle is hein.taxfoundation/sopersinc0001 and id is 1 raw text is: TAXO FOUNDATION FISCAL FACT Jan. 2015 No. 449 Sources of Personal Income By Alan Cole Economist Key Findings Taxpayers reported $9.2 trillion of total income on their 2012 tax returns, a substantial increase from the previous year's $8.4 trillion. 68 percent ($6.3 trillion) of total income reported on individual income tax returns is in wages and salaries, and about 83% of all tax filers report wage income. In order to substantially increase revenues, policymakers generally have to look to labor compensation as the main tax base, simply because of its sheer scale. Pensions and retirement accounts make up a substantial portion of capital income, but are frequently forgotten in analysis of income data. The middle-class, in fact, has a colossal equity stake in American capital through such accounts. Business income is also a large feature of the individual tax code. Some businesses, like S-corporations, sole proprietorships, or partnerships, file their taxes through the individual tax code. Capital gains and dividends accounted for about $883 billion in income in 2012, which is roughly equal to income from business ($839 billion) and retirement accounts ($843 billion).

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