By Timothy Noah

Most recent discussion about economic inequality in the United States has focused on the top 1 percent of the nation’s income distribution, a group whose incomes average $1 million (with a bottom threshold of about $367,000). “We are the 99 percent,” declared the Occupy protesters, unexpectedly popularizing research findings by two economists, Thomas Piketty and Emmanuel Saez, that had previously drawn attention mainly from academics. But the gap between the 1 percent and the 99 percent is only half the story.

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