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IRS Statistics of Income, Census Current Population Survey, and BLS Consumer Expenditure Survey Eric L

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IRS Statistics of Income, Census Current Population Survey, and BLS Consumer Expenditure Survey Eric L A Comparison of Income Concepts: IRS Statistics of Income, Census Current Population Survey, and BLS Consumer Expenditure Survey Eric L. Henry and Charles D. Day, Internal Revenue Service everal Federal Government agencies produce tionnaire is administered at the household level, with statistics on individual and household income. information being collected for each person living in the SBecause of the differing purposes to which their household over age 15 [4]. data will be put, agencies use different definitions for income (income concepts), as well as different reporting BLS conducts the CE. It is the “basic source of data units, sample designs, collection modes, and process- for revising the items and weights in the market basket ing rules. Data users are faced with an array of choices, of consumer purchases to be priced for the Consumer often without much help to sort out which data series Price Index.” It consists of two components, a quarterly best meets their needs or much guidance to reconcile interview survey and a weekly diary survey. The CE results based on different sources of data. targets the entire noninstitutionalized population of the United States [5]. In order to help users, a number of papers have been written comparing the Census Bureau’s Current SOI Individual taxpayer data are an administrative Population Survey (CPS) Money Income and Survey of data set. The data are collected from a sample of Forms Income and Program Participation concepts, the Bureau 1040 filed by individual taxpayers [6]. The target popula- of Labor Statistics (BLS) Consumer Expenditure Survey tion is all individuals required to file a tax return. (CE) concept, and the Bureau of Economic Analysis Personal Income concept [1-3]. This paper extends that The AGI concept is appropriate to administration of body of work by first describing the Adjusted Gross the tax laws and thus varies quite a bit from the CPS and Income (AGI) concept, which is used most frequently CE concepts. In order to make a discussion of those dif- to define individual income by the Internal Revenue ferences tractable and useful to readers, the authors have Service (IRS) Statistics of Income (SOI) Division. chosen to discuss those differences of greatest practical That description is followed by an explanation of the significance in comparing the data series, knowing that most important differences between the AGI concept this will leave out many minor differences. and the definitions of income used in BLS’s Consumer Expenditure Survey and the Census Bureau’s Current The Adjusted Gross Income Concept Population Survey. Note that this is a discussion of income concepts only; no attempt is made in this paper This section describes the AGI concept used by IRS’s SOI Division. This description includes highlights to discuss other causes of differences between estimates of changes to the concept over the last 16 years. AGI is of income. the difference between Total Income and Adjustments to Income. A deficit (negative AGI) occurs if Adjustments The Census Bureau conducts the CPS for BLS. It to Income exceed Total Income. states that the data are “the primary source of information on the labor force characteristics of the U.S. popula- Total Income includes the following: tion. CPS data are [intended for use] by Government policymakers and legislators as important indicators of Wages, salaries, and tips include compensation for our nation’s economic situation, and for planning and services, including wages, salaries, fees, commissions, evaluating many Government programs. They are also tips, taxable fringe benefits, and similar items. AGI does used by the press, students, academics, and the general not include money designated for a health flexible spend- public. … Supplemental questions on … income … ing or health reimbursement arrangement. Similarly, are often added to the questionnaire.” The CPS ques- elective contributions and employer matching amounts - 149 - HENRY AND DAY for retirement plans, such as 401(k)’s, tax-sheltered Rents and royalties, along with net income from annuities, and the Federal Thrift Savings Plan, are not estates and trusts, help make up AGI. included in salaries and wages for tax purposes. Also excluded from AGI are most forms of armed forces pay Partnerships and subchapter S corporations are earned while in a combat zone or in a hospital recovering not taxable entities; therefore, income from these sources from illness or injury suffered in a combat zone. Note is distributed to the partners or owners and is included that there is a limited exclusion of qualified foreign- in individual AGI. earned income. Unemployment compensation is part of AGI, al- Taxable interest consists of interest from bonds, though compensation paid by a union is reduced by the savings accounts and certificates of deposit, interest ac- amount of any dues paid. crued on unpaid amounts due to the taxpayer, and interest on privately held mortgages. Tax-exempt interest, from Taxable amounts of Social Security contribute to sources such as tax-free municipal bonds, IRA’s, and AGI. Since the inception of Social Security, railroad em- 401(k) accounts, is excluded from AGI. ployees have had a separate, similar retirement system. Taxable Tier 1 railroad retirement payments were Dividends and capital gain distributions do not added in Tax Year 1990. include the one-time exclusion of part or all of the gain from the sale of principal residence by an individual 55 Taxable distributions from a Coverdell education years of age or older. The words “one-time exclusion of” savings account were added to AGI in Tax Year 2000. were deleted in Tax Years 1990 and 1991, brought back in 1992 to 1996, and then incorporated into the current Among the items of income included in AGI under wording, “Exclusion of part or all of the gain from the “Other Income” are prizes, awards, and gambling sale of principal residence up to $250,000 ($500,000 on winnings, jury duty fees (started in Tax Year 2000), joint returns),” in Tax Year 1997 to the present time. amounts received that were claimed as a deduction or credit in a prior year, bartering income, Alaska Refunds of State and local income taxes claimed as permanent fund dividends (started in Tax Year 2000), itemized deductions in previous years were first included and qualified State tuition program earnings (started in Tax Year 1990. in Tax Year 2000). Alimony and separate maintenance payments are Statutory adjustments (lines 23 through 32, Form part of AGI, but child support payments (as IRS defines 1040 for Tax Year 2003) are amounts that are subtracted them) are not. from Total Income to arrive at AGI (line 34, Form 1040 for Tax Year 2003). These include the following: Net income derived from a business, profession, or farm helps make up AGI. Note that the business must Reimbursed employee business expenses that be a “for profit” enterprise. Generation of revenue from were included in reported income (deleted for Tax a hobby does not qualify an individual to claim all of his Year 1990) are used to reduce Total Income. or her expenses associated with that hobby. With some limitations, elementary and secondary Net gain from the sale of capital assets or of busi- educators could deduct up to $250 in Educator expenses ness property is included in AGI. (starting in Tax Year 2002) from Total Income for items purchased out-of-pocket for classroom use. Annuities, pensions, individual retirement arrange- ment (IRA) distributions, and Tier II railroad retire- Contributions to self-employed retirement plans ment, reduced by their cost basis, are part of AGI [7]. (Keogh or simplified employee pension) and certain - 150 - A COMPARISON OF INCOME CONCEPTS contributions to IRA’s can be deducted when comput- Repayments of supplemental unemployment ing AGI. compensation from an employer-paid-for fund may be deducted when calculating AGI. Up to $2,500 in Student loan interest (started in Tax Year 1998), paid on loans used for tuition, transporta- Certain expenses of qualified performing artists, in tion, room and board, books, supplies, and equipment, particular those working for more than one employer and can be used to reduce AGI by taxpayers with modified with AGI less than $16,000 before expenses are deducted, AGI under limits based on filing status. may reduce their AGI by the amount of those expenses, provided they are more than 10 percent of AGI. Up to $4,000 in Tuition and fees (started in Tax Year 2002) may be deducted in calculating AGI. Amount of jury duty pay reported on line 21, Form 1040, that was repaid to employers (started in Archer medical savings accounts (started in Tax Year Tax Year 1991). 1997, “Archer” added in TY 2002) are used by employees of small businesses and self-employed persons covered by The Deduction for clean-fuel vehicles (started a high-deductible health plan to save money for paying in Tax Year 1999) allows the taxpayer to deduct up to medical expenses. Contributions to such a plan can be $2,000 of the cost of a designated clean-fuel vehicle used to reduce AGI. from AGI. Moving expenses (started in Tax Year 1994) as- Employee business expenses of fee-basis State or sociated with a move that is closely related to work local government officials (started in Tax Year 1999). and covers enough distance may be deducted in cal- culating AGI. SOI uses AGI as its most common measure of income as can be seen in its publications. Many of the One-half of self-employment tax (started in Tax components broken out by SOI are then further analyzed Year 1990) can be used to reduce AGI. by also breaking them out by various sizes of AGI. This is done to compare tax returns to different AGI classes Self-employed health insurance expenses may be so that economists can easily see counts and money deducted in computing AGI.
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