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Income Inequality in the United States, 1913–1998

The Quarterly journal of economics, 2003-02, Vol.118 (1), p.1-41 [Peer Reviewed Journal]

Copyright 2003 The President and Fellows of Harvard College and The Massachusetts Institute of Technology ;2003 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology 2003 ;Copyright MIT Press Journals Feb 2003 ;ISSN: 0033-5533 ;EISSN: 1531-4650 ;DOI: 10.1162/00335530360535135 ;CODEN: QJECAT

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  • Title:
    Income Inequality in the United States, 1913–1998
  • Author: Piketty, Thomas ; Saez, Emmanuel
  • Subjects: Capital gains ; Capital income ; Dividends ; Economic theory ; Estate taxes ; History ; Income distribution ; Income inequality ; Income shares ; Income taxes ; Stock shares ; Studies ; Tax returns ; Wages ; World War II ; World wars
  • Is Part Of: The Quarterly journal of economics, 2003-02, Vol.118 (1), p.1-41
  • Description: This paper presents new homogeneous series on top shares of income and wages from 1913 to 1998 in the United States using individual tax returns data. Top income and wages shares display a U-shaped pattern over the century. Our series suggest that the large shocks that capital owners experienced during the Great Depression and World War II have had a permanent effect on top capital incomes. We argue that steep progressive income and estate taxation may have prevented large fortunes from fully recovering from these shocks. Top wage shares were flat before World War II, dropped precipitously during the war, and did not start to recover before the late 1960s but are now higher than before World War II. As a result, the working rich have replaced the rentiers at the top of the income distribution.
  • Publisher: Oxford: MIT Press
  • Language: English
  • Identifier: ISSN: 0033-5533
    EISSN: 1531-4650
    DOI: 10.1162/00335530360535135
    CODEN: QJECAT
  • Source: Alma/SFX Local Collection
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