New figures from the Internal Revenue Service (IRS) show that the number of American citizens who report more than $1 million in income have jumped by a staggering 41 percent this year alone.
As reported by Politico, the IRS claims to have processed up to 387,840 returns reporting seven-figure incomes by mid-July; at the same time last year, the agency only found 274,879. The increase has been attributed to a strong performance on Wall Street last year, before the inflation crisis hit; in 2022 thus far, millionaires reported a collective total of $252.5 billion in capital gains, 80 percent higher compared to the previous year. In addition, millionaires’ salaries and wages rose by 45 percent.
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