Income inequality is usually a purely political topic, but EPS growth is extremely high by historical standards and some people are becoming worried that we could be in the middle of a profit bubble. Profits are high by historical standards “Profits are dangerously elevated by all reasonable measures,” writes Research Affiliates analyst Chris Brightman. “Industry profit margins are at or near all-time highs. Corporate profits, both as a percentage of GDP and relative to labor income, are at or near record levels. The dramatic rise in income inequality is a direct consequence of this spectacular reallocation of income to capital…