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Don’t worry about the superrich

There’s no need to panic—the rich are doing fine. According to new data from the Internal Revenue Service, income reported on tax returns for the 400 wealthiest individuals rose 20% in 2014, the Wall Street Journal reports. The significant income boost reveals what many of us already suspected: The rich are getting richer. Worth noting is … Continue reading “Don’t worry about the superrich”

There’s no need to panic—the rich are doing fine. According to new data from the Internal Revenue Service, income reported on tax returns for the 400 wealthiest individuals rose 20% in 2014, the Wall Street Journal reports. The significant income boost reveals what many of us already suspected: The rich are getting richer. Worth noting is that the country as a whole has been grappling with broad-based wage stagnation for decades.  

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WSJ reports that individuals in the top 400 made an adjusted 2014 income of at least $126.8 million. Income from those few-hundred individuals now comprises 2.13% of all individual income taxes, the highest since at least 1992.

 

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[Photo: Flickr user Nick Ares]

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About the author

Christopher Zara is a senior staff news editor for Fast Company and obsessed with media, technology, business, culture, and theater. Before coming to FastCo News, he was a deputy editor at International Business Times, a theater critic for Newsweek, and managing editor of Show Business magazine

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