The wealthiest 1% of Americans earned 21.2% of all income in 2005, according to new data from the Internal Revenue Service. That is up sharply from 19% in 2004, and surpasses the previous high of 20.8% set in 2000, at the peak of the previous bull market in stocks.President Bush's response? "Our society has had income inequality for a long time." Roger that.
....The IRS data go back only to 1986, but academic research suggests the rich last had this high a share of total income in the 1920s.