The Top 400 Club's Last Hurrah

Taxpayers needed almost $127 million in 2014 income to gain entry to the Top 400 Taxpayers Club, The Wall Street Journal reports.

That elite group received 1.3% of income in 2014, paid 2.13% of income taxes (at an average rate of 23.13%, the highest since 1997) and made 6.9% of all charitable contributions.

Typically, taxpayers gain membership in the club by selling a business or otherwise realizing a humongous capital gain. Relatively few retain their membership for a second year.

The IRS says it is disbanding the Top 400 Club. In future it will issue data on a slightly less exclusive group, the 1,500 or so taxpaying  households who constitute the top 0.001% of all taxpayers.