Income, Retirement Contributions Declined Between 2008, 2010, IRS Says
Between 2008 and 2010, individual taxpayers’ income declined by about 2 percent, from $5.7 trillion to $5.6 trillion, according to an Internal Revenue Service Statistics of Income Bulletin released Sept. 3.
At the same time, the total number of taxpayers declined by 2 percent, from 140.7 million to 136.8 million, the IRS said.
The Statistics of Income Bulletin is issued quarterly and provides annual financial statistics drawn from tax return data and periodic studies. A typical bulletin provides information on a broad range of subjects.
Average individual W-2 earnings made a modest increase from 2008 to 2010, from $40,532 to $40,892, the IRS said in a news release (IR-2013-73) on the bulletin.
The Statistics of Income Bulletin also compared the wages of men and women during the 2008-10 period. According to the data, men still earned more on average, although women reported an increase in their average W-2 earnings and men reported a decline.
The IRS also collected data on individual participation in employer-sponsored retirement plans from tax returns. In 2010, nearly half of all taxpayers with W-2 income participated in such a retirement plan. Direct contributions dropped 4.5 percent to $209.2 billion between 2008 and 2010, the IRS said. Among those contributing, taxpayers filing jointly participated at higher levels and contributed higher amounts that those filing non-joint returns.