Wealthiest One Percent Made 19% of All Profit in U.S. in 2012

| by Michael Allen
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The roaring '20s appear to be staging a comeback.

The top one percent of the wealthiest Americans made more than 19 percent of the country's income in 2012. The top ten percent pocketed 48.2 percent of total earnings.

The University of California, Berkeley, Paris School of Economics and Oxford University came to these numbers by studying Internal Revenue Service figures going back to 1913, noted the Associated Press.

The study says that the top one percent had a pre-tax income above $394,000 in 2012, while the top ten percent had an income above $114,000.

The top one percent have not done this well since 1928, which was the year before the stock market crashed in 1929.

The incomes of the richest Americans jumped in 2012 because they cashed in their stock holdings before the Bush tax cuts expired.

President Obama was attacked at the time by conservatives for "penalizing success" and "starting a class war," even though he actually deepened the pockets of the wealthiest Americans.

Source: Associated Press