We know it isn't R&D. That got done by universities, and we're in the process of gutting them.

> what is now eating up the percentage that was going to wages?

Here you go: https://fred.stlouisfed.org/release/tables?rid=53&eid=42185

Wages and salaries are down 0.4 percentage point from ‘24, 0.75 from ‘15 and 5 from 2000.

Corporate profits after taxes are up 5 percentage points from 2000.

there are only two ways to make money - labor and capital - broadly speaking, and continued data points like this one is why the word Oligarchy is increasing in usage... most of us see it and feel it

All (the value) of the things produced goes ultimately to either labor (wages), capital (interest), or land (rent) - Adam Smith. (tax being an intermediary for the same).

If wages are down then rent or interest returns are up.

Market interest rates are trending up in recent years but in line with / below long term averages.

So obviously rent is doing the heavy lifting. GFC, housing crisis, etc, are all products of the extreme rents and land speculation.

Where does rent go? It can be consumed (luxury goes, etc) but most of it 'grounds out' in labor and capital through subsequent investments.

So higher share going to rent actually looks like larger luxury consumption by the landowners, more services consumed by them, and (probably most significantly) larger capital investments domestically and internationally - huge AI and semiconductor investments, robotics and EV factory build outs, complicated R&D programs, etc). These go on to employ more laborers globally - with the key change being that the return to laborers within any one investment is historically low.

Money is only an intermediary. It is the flow of goods produced (machines built, technologies developed) and services and resources which really matters.

Wages for the upper tier, but not in the form of wages

> Does this include income like RSUs?

Yes [1].

[1] https://www.bea.gov/help/glossary/wages-and-salaries