Peter R. Orszag
Abstract
The composition of income reported on tax returns changes markedly as income increases. On most tax returns, wages and salaries are the dominant source of income. Capital gains become more significant at higher incomes, but even at adjusted gross income (AGI) of $200,000 to $500,000, they only averaged about 12 percent of income in 2000.
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The composition of income reported on tax returns changes markedly as income increases. On most tax returns, wages and salaries are the dominant source of income. Capital gains become more significant at higher incomes, but even at adjusted gross income (AGI) of $200,000 to $500,000, they only averaged about 12 percent of income in 2000.
Key concepts: Gross income, Economics, Labour economics, Adjusted gross income, Income tax, Net national income, Comprehensive income, Demographic economics