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Top one percent took record 19.3percent of US income last year – the LARGEST share of pre-tax income since 1927

  • Last year the top 1 per cent of earners  in the U.S. accounted for 19.3 per cent of pre-tax income
  • That’s the largest per cent since  1927
  • The economic disparity between the 1 per  cent and everyone else in the U.S. has escalated drastically in the past three  decades
  • The Occupy Wall Street movement, which  started two years ago this month, created the slogan ‘We are the 99 per cent’  highlighting this economic disparity

By  Associated Press and Daily Mail Reporter

PUBLISHED: 12:21 EST, 10  September 2013 |  UPDATED: 16:38 EST, 10 September 2013

Almost two years to the day that the Occupy  Wall Street movement started, a report confirms that the rich are getting even  richer.

The top 1 per cent of earners collected 19.3  per cent of household income in 2012, their largest share in Internal Revenue  Service figures going back a century.

U.S. income inequality has been growing for  almost three decades.

Record breaking: The top 1 per cent of earners took home a record 19.3 per cent of pre-tax income - the largest share since 1927 

Record breaking: The top 1 per cent of earners took home  a record 19.3 per cent of pre-tax income – the largest share since  1927

 

 

Escalating wealth: For the past three decades the only growing economic disparity has been between the top 1 per cent of earners in America, and everybody else 

Escalating wealth: For the past three decades the only  growing economic disparity has been between the top 1 per cent of earners in  America, and everybody else

 

But until last year, the top 1 per cent’s  share of pre-tax income hadn’t surpassed the 18.7 per cent it reached in 1927,  according to an analysis of IRS figures dating to 1913 by economist Emmanuel  Saez of the University of California, Berkeley, and three colleagues.

Saez wrote that 2012 incomes of the richest  Americans might have surged in part because they cashed in stock holdings to  avoid higher capital gains taxes that took effect in January.

The nation’s top 1 per cent have been the  targets of resentment in recent years which was manifested in the Occupy Wall  Street movement that started in September 2011.

The movement started in New York’s Zuccotti  Park, and thousands camped out and marched for months calling for wide-reaching  change in the capitalist system.

The adopted chant was ‘We are the 99 per  cent’ and the movement spread to cities throughout the U.S.

Richer: Microsoft founder Bill Gates is definitely a member of the 1 per cent in the U.S. This past May he regained the title of 'World's Richest Man' 

Richer: Microsoft founder Bill Gates is definitely a  member of the 1 per cent in the U.S. This past May he regained the title of  ‘World’s Richest Man’

 

A report by the Congressional Budget Office  found that the income inequality in the U.S. had not risen dramatically over the  past 20 years, except when it came to the top 1 per cent.

Their earnings went up astronomically while  all the other percentiles remained relatively the same.

The Occupy Wall Street movement has largely  fizzled out now, since the group was kicked out of Zuccotti Park. But they  continue to hold marches.

Last September, they marked the one-year  anniversary of the movement by returning to Zuccotti Park and 185 people were  arrested across the city that day

Read more: http://www.dailymail.co.uk/news/article-2416853/Top-1percent-took-record-19-3percent-US-income-year–LARGEST-share-pre-tax-income-1927.html#ixzz2eYDdi4BI Follow us: @MailOnline on Twitter | DailyMail on Facebook

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