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Spring Statistics of Income Bulletin

The IRS just published its Spring Statistics of Income Bulletin with a mixed bag of results. Individual adjusted gross income between 2015 and 2016 showed a minor uptick of 0.1% to $10.2 trillion, reflecting higher salaries, wages, pensions and annuities. But taxable income decreased by 0.1%, so the total income tax collected by the IRS went down. Standard deductions were claimed on 68.7% of individual returns. Itemized deductions were claimed on about 30% of 2016 returns,