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1 Alan Cole, Sources of Personal Income, 2013 Update 1 (2015)

handle is hein.taxfoundation/sopincup0001 and id is 1 raw text is: TAX 111Hil, FOUNDIO -'3N FISCAL FACT Dec. 2015 No. 492 The Tax Foundation is a 501(c)(3) non-partisan, non-profit research institution founded in 1937 to educate the public on tax policy. Based in Washington, DC, our economic and policy analysis is guided by the principles of sound tax policy: simplicity, neutrality, transparency, and stability. @2015 Tax Foundation Distributed under Creative Commons CC-BY NC 4.0 Editor, Melodie Bowler Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org Sources of Personal Income, 2013 Update By Alan Cole Economist Key Findings Taxpayers reported $9.2 trillion of total income on their 2013 tax returns, a similar total amount to 2012. Seventy percent ($6.5 trillion) of total income reported on the Form 1040 is in wages and salaries, and about 83 percent of all tax filers report wage or salary 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 income, broadly benefiting the middle class. Pensions and annuities ($639 billion), IRA distributions ($214 billion), and Social Security ($243 billion) combine to create $1.1 trillion in retirement income. 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, accounting for $908 billion in personal income. Capital gains and dividends accounted for about $806 billion in income in 2013, down from the previous year due to reduced realizations from the fiscal cliff tax hike.

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