| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29374 |
| 来源ID | Working Paper 29374 |
| Top Wealth in America: New Estimates and Implications for Taxing the Rich | |
| Matthew Smith; Owen M. Zidar; Eric Zwick | |
| 发表日期 | 2021-10-18 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | This paper uses administrative tax data to estimate top wealth in the United States. We assemble new data that links people to their sources of capital income and develop new methods to estimate the degree of return heterogeneity within asset classes. Disaggregated fixed income data reveal that rich individuals earn much more of their interest income in higher-yielding forms, and have much greater exposure to credit risk. Consequently, in recent years, the interest rate on fixed income at the top is approximately three times higher than the average. Using firm-level characteristics to value firms, we find that twenty percent of total pass-through business wealth accrues to those with losses. We combine this new data on fixed income and pass-through business returns with refined estimates of C-corporation equity, housing, and pension wealth to deliver new capitalized wealth estimates. Our approach---which builds on Saez and Zucman (2016) and Bricker, Henriques, and Hansen (2018)---reduces bias because wealth and rates of return are correlated. From 1989 to 2016, the top 1%, 0.1%, and 0.01% wealth shares increased by 7.6, 5.1, and 3.0 percentage points, respectively, to 31.5%, 15.0%, and 7.0%. While these changes are less dramatic than some prior estimates, wealth is very concentrated: the top 1% holds nearly as much wealth as either the bottom 90% or the "P90-99" class. We discuss implications for income inequality measures, capital tax policy, and savings behavior. |
| 主题 | Microeconomics ; Market Structure and Distribution ; Macroeconomics ; Consumption and Investment ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w29374 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587048 |
| 推荐引用方式 GB/T 7714 | Matthew Smith,Owen M. Zidar,Eric Zwick. Top Wealth in America: New Estimates and Implications for Taxing the Rich. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29374.pdf（1828KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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