The Norman Transcript

September 12, 2013

Growing income gap


The Norman Transcript

NORMAN — The income gap between the richest Americans and the rest of us widened a bit last year.

Researchers at the University of California at Berkeley, the Paris School of Economics and Oxford University analyzed IRS records dating back to 1913.

The economists concluded that the very wealthiest Americans earned more than 19 percent of the country’s household income last year. It’s the biggest share since 1928, the year before the stock market crashed.

The Associated Press reports that the nation’s top 10 percent earned nearly half of all income. Incomes of the top 1 percent of Americans rose nearly 20 percent. The remaining 99 percent averaged a 1 percent increase.

And in case you’re wondering if you made the cut: The top 1 percent of American households had pretax income above $394,000. The top 10 percent had incomes exceeding $114,000.