Insights on Individual Income Tax Revenue and Trends

Explore facts and figures related to individual income tax, including sources of revenue, per capita tax payments by state, annual collections, exemptions and credits, and more from various years. Gain insights into tax trends and distributions.

• Income Tax
• Revenue
• Sources
• Trends
• Tax Collection

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1. FACTS ABOUT INDIVIDUAL INCOME TAX

2. Sources of Revenue, 2017 Tax Amount % of Total General Sales, including Motor Vehicles Individual Income $4,298.1 35.7% $3,088.3 25.7% Corporate Income and Franchise Severance and Mineral Revenues Tobacco, Beer, liquor $510.4 4.2% $464.6 $381.3 3.9% 3.1% Gasoline and Special Fuels $624.1 5.2% Gaming $906.6 7.5% Excise License Tax $858.6 7.1% Others $900.1 7.5% Total $12,032.1 100.0% UAL Obligations $1,635.0 Total less UAL $10,397.1 86.4% of total

3. Taxes Paid to Own State Per Capita 1992 2007 2012 $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 TN MS LA SC AL TX KY GA WV FL AR NC VA Tax Foundation

4. Individual Income Tax Personal Income Tax Annual Collections $mm 3600 3400 3200 3000 2800 2600 2400 2200 2000 1800 1600 1400 1200 1000 800 600 400 200 0 1972-73 1974-75 1976-77 1978-79 1980-81 1982-83 1984-85 1986-87 1988-89 1990-91 1992-93 1994-95 1996-97 1998-99 2000-01 2002-03 2004-05 2006-07 2008-09 2010-11 2012-13 2014-15

5. Exemption/Credi t 2014 2015 % of all Exemptions/Cre dits Fed. Tax Deduct Excess Itemized PE/SD Retirement Film Credits Net Income Paid to Other States Net Capital Appreciation EITC LA Citizens Wind and Solar Historic Tax All Others Total $812.4 $345.8 247.9 $171.9 $114.9 $912.7 $351.8 $249.1 $183.4 $135.8 40.4% 15.6% 11.0% 8.1% 6.0% $86.1 $108.9 4.8% $57.3 $47.8 $41.3 $31.7 $26.5 $115.5 $2,099.1 $51.8 $47.5 $47.5 $38.1 $38.4 $92.9 $2,257.9 2.3% 2.1% 2.1% 1.7% 1.7% 4.1% 100.0%

6. SD/PE, Married Filing Jointly SC MS AL LA NC VA GA KY AR WV $0 $5,000 $10,000 $15,000 $20,000 $25,000

7. Exemptions, Credits, etc. State Federal Tax Deduction Excess Itemized Deduction Retirement State/federal Retirement Earned Income Tax Credit LA yes yes Up to $6,000 yes yes AL yes limits All defined benefits plans yes no AR no Up to $6,000 no GA no Up to $65,000 no KY no Up to $41,110 yes no Cannot deduct state taxes MS no yes yes no NC no Up to $2,000 Up to $4,000 no SC no Up to $10,000 at age 65 no VA no Up to $12,000 Yes, non- refundable WV no No Up to $16,000 joint returns yes no

8. Income tax rankings, Tax Foundation, 2015 State Ranking, income tax collections per capita Actual income tax collections per capita AL 36 $664 AR 25 $897 GA 27 $881 KY 29 $849 LA 39 $594 MS 40 $587 NC 15 $1,130 SC 35 $707 VA 8 $1,326 WV 23 $968

9. Distributional Issues Asked Institute on Taxation and Economic Policy to estimate distributional affects on different income brackets if we make following changes Am working with Postlewaite and Netterville on individual comparisons