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TAXINC
Taxable income amount

Codes

9999999 = N.I.U. (Not in Universe).

Top codes:
99997 = Topcode through 2010 (original value was $99999).
9999997 = Topcode beginning in 2011 (original value was $9999999).

See User Note for an explanation of these codes.

Description

For income tax purposes, TAXINC, or taxable income, consists of adjusted gross income (ADJGINC) minus allowable itemized deductions (or a standard allowance amount) and exemptions for the taxpayer and his or her dependents. Taxable income is the amount used in the calculation of an individual's income tax liability.

TAXINC, like other tax-related variables included in the ASEC CPS (ADJGINC, CAPGAIN, CAPLOSS, EITCRED, FEDRETIR, FEDTAX, FICA, FILESTAT, MARGTAX, and STATETAX) was not determined by direct questioning of respondents. Rather, values for these variables come from the Census Bureau's tax model, which simulates individual tax returns to produce estimates of federal, state, and payroll taxes. The model incorporates information from non-CPS sources, such as the Internal Revenue Service's Statistics of Income series, the American Housing Survey, and the State Tax Handbook. For more information about the model, see Current Population Reports, Series P60-18RD. The IPUMS-CPS staff welcomes further information from users about the interpretation of this variable or other tax-related variables in the ASEC CPS.

Amounts are expressed in dollars of the given year, rather than in constant dollars adjusted for inflation. Users can adjust for inflation using Consumer Price Index adjustment factors.

Comparability

Apart from the effects of inflation, TAXINC is largely comparable over time. Comparability may, however, be limited by changes in the Census Bureau's tax model. The Bureau implemented a new model to produce tax estimates in 2004, and the previous tax model was updated annually to account for changes in marginal tax rates.

Universe

  • Persons age 15+

Availability

Years Jan Feb ASEC Apr May Jun Jul Aug Sep Oct Nov Dec
1992 – 2018 - - X - - - - - - - - -

Flags

This variable has no flags.