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

Here you go [1].

Wages and salaries are down 0.4 percentage points from ‘24, 0.75 from ‘15 and 5 from 2000 [2].

Corporate profits after taxes are up 5 percentage points from 2000, of which 2 percentage points went to dividend increases and 3 to undistributed profits. (Also of note, private consumption of fixed capital +2pp, same as rental income.)

[1] https://fred.stlouisfed.org/release/tables?rid=53&eid=42185 2025

[2] https://fred.stlouisfed.org/release/tables?rid=53&eid=42185&...