From Riches to Riches: Intergenerational Transfers and the Evidence from Estate Tax Returns
Identifieur interne : 000787 ( Istex/Corpus ); précédent : 000786; suivant : 000788From Riches to Riches: Intergenerational Transfers and the Evidence from Estate Tax Returns
Auteurs : Jenny B. WahlSource :
- Social Science Quarterly [ 0038-4941 ] ; 2003-06.
English descriptors
- Teeft :
- Average child wealth, Becker, Beneficiary, Beneficiary child, Beneficiary parent, Bequeathable wealth, Bequest, Building blocks, Capital gains, Ceteris paribus, Chicago press, Child ability, Child wealth, Data sets, Decedent, Decedent child, Decedent parent, Demand functions, Different states, Discussion paper, Empirical results, Federal estate, Fritz scheuren, Gary becker, Grandparent, Grandparental wealth, Household surveys, Human capital, Inequality, Intergenerational, Intergenerational data, Intergenerational model, Intergenerational transfers, Intergenerational transmission, Intergenerational variables, Internal revenue service, Lifetime earnings, Lifetime transfers, Lifetime wealth, Ling threshold, Ling thresholds, Marginal dollar, Measurement error, Menchik, Other variables, Other words, Panel data, Parent, Parental, Parental wealth, Paul taubman, Personal wealth studies, Pmpw concept, Present value, Real child wealth, Real grandparental wealth, Regression, Slow regression, Social science, Social security number, Social security numbers, Such models, Terminal wealth, Total estate, Transition probabilities, Truncation bias, Usable observations, Wahl, Wealth, Wealth class, Wealth distribution, Wealth inequality, Wealth measures, Wealth mobility, Wealth transfers, Wealthy parents, Wealthy people, William blake, Wisconsin data.
Abstract
Objective. Intergenerational transfers of wealth and ability can influence the distribution of wealth. This research examines the empirical relationships among intergenerational variables and cross‐sectional wealth distribution.
Methods. Models pioneered by Gary Becker set out the conditions necessary for regression to the mean in wealth across generations. However, empirical testing of such models has been incomplete because large, reliable, intergenerational data sets—especially with data from three generations—are hard to find. This article unveils a remarkable new source of intergenerationally linked data: federal estate tax records filed in Wisconsin from 1916 to 1981 and linked across three generations of families.
Results. Wealth tends to regress to the mean at the top end of the distribution, but slowly. Consequently, wealth inequality in the United States is likely to persist. What is more, recent federal tax changes, particularly the repeal of the estate tax and the reduction in capital gains tax rates, will exacerbate cross‐sectional wealth disparities.
Conclusions. In the long run, intergenerational forces may help overcome inequalities in wealth across U.S. families. Empirical results suggest, however, that regression to the mean will occur quite slowly, and the long run could be long indeed.
Url:
DOI: 10.1111/1540-6237.8402004
Links to Exploration step
ISTEX:A95C43564F93916615B80E2A724C0C75DD5BAFDALe document en format XML
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What is more, recent federal tax changes, particularly the repeal of the estate tax and the reduction in capital gains tax rates, will exacerbate cross‐sectional wealth disparities.</div><div type="abstract">Conclusions. In the long run, intergenerational forces may help overcome inequalities in wealth across U.S. families. 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This research examines the empirical relationships among intergenerational variables and cross‐sectional wealth distribution.</p><p><hi rend="bold">Methods. </hi> Models pioneered by Gary Becker set out the conditions necessary for regression to the mean in wealth across generations. However, empirical testing of such models has been incomplete because large, reliable, intergenerational data sets—especially with data from three generations—are hard to find. This article unveils a remarkable new source of intergenerationally linked data: federal estate tax records filed in Wisconsin from 1916 to 1981 and linked across three generations of families.</p><p><hi rend="bold">Results.</hi> Wealth tends to regress to the mean at the top end of the distribution, but slowly. Consequently, wealth inequality in the United States is likely to persist. What is more, recent federal tax changes, particularly the repeal of the estate tax and the reduction in capital gains tax rates, will exacerbate cross‐sectional wealth disparities.</p><p><hi rend="bold">Conclusions.</hi> In the long run, intergenerational forces may help overcome inequalities in wealth across U.S. families. Empirical results suggest, however, that regression to the mean will occur quite slowly, and the long run could be long indeed.</p></abstract><textClass><keywords rend="tocHeading1"><term>Of General Interest</term></keywords></textClass><langUsage><language ident="en"></language></langUsage></profileDesc></teiHeader></istex:fulltextTEI><json:item><extension>txt</extension><original>false</original><mimetype>text/plain</mimetype><uri>https://api.istex.fr/document/A95C43564F93916615B80E2A724C0C75DD5BAFDA/fulltext/txt</uri></json:item></fulltext><metadata><istex:metadataXml wicri:clean="Wiley, elements deleted: body"><istex:xmlDeclaration>version="1.0" encoding="UTF-8" standalone="yes"</istex:xmlDeclaration><istex:document><component version="2.0" type="serialArticle" xml:lang="en"><header><publicationMeta level="product"><publisherInfo><publisherName>Blackwell Publishing</publisherName><publisherLoc>Oxford, UK</publisherLoc></publisherInfo><doi origin="wiley" registered="yes">10.1111/(ISSN)1540-6237</doi><issn type="print">0038-4941</issn><issn type="electronic">1540-6237</issn><idGroup><id type="product" value="SSQU"></id><id type="publisherDivision" value="ST"></id></idGroup><titleGroup><title type="main" sort="SOCIAL SCIENCE QUARTERLY">Social Science Quarterly</title></titleGroup></publicationMeta><publicationMeta level="part" position="06002"><doi origin="wiley">10.1111/ssqu.2003.84.issue-2</doi><numberingGroup><numbering type="journalVolume" number="84">84</numbering><numbering type="journalIssue" number="2">2</numbering></numberingGroup><coverDate startDate="2003-06">June 2003</coverDate></publicationMeta><publicationMeta level="unit" type="article" position="0027800" status="forIssue"><doi origin="wiley">10.1111/1540-6237.8402004</doi><idGroup><id type="unit" value="SSQU08402004"></id><id type="supplier" value="08402004"></id></idGroup><countGroup><count type="pageTotal" number="19"></count></countGroup><titleGroup><title type="tocHeading1">Of General Interest</title></titleGroup><eventGroup><event type="firstOnline" date="2003-05-19"></event><event type="publishedOnlineFinalForm" date="2003-05-19"></event><event type="xmlConverted" agent="Converter:BPG_TO_WML3G version:2.3.6 mode:FullText source:FullText result:FullText" date="2010-04-21"></event><event type="xmlConverted" agent="Converter:WILEY_ML3G_TO_WILEY_ML3GV2 version:3.8.8" date="2014-02-08"></event><event type="xmlConverted" agent="Converter:WML3G_To_WML3G version:4.1.7 mode:FullText,remove_FC" date="2014-11-03"></event></eventGroup><numberingGroup><numbering type="pageFirst" number="278">278</numbering><numbering type="pageLast" number="296">296</numbering></numberingGroup><linkGroup><link type="toTypesetVersion" href="file:SSQU.SSQU08402004.pdf"></link></linkGroup></publicationMeta><contentMeta><countGroup><count type="figureTotal" number="3"></count><count type="tableTotal" number="3"></count><count type="formulaTotal" number="9"></count><count type="referenceTotal" number="35"></count><count type="wordTotal" number="8929"></count><count type="linksCrossRef" number="65"></count></countGroup><titleGroup><title type="main">From Riches to Riches: Intergenerational Transfers and the Evidence from Estate Tax Returns<link href="#fn4"><sup>*</sup></link></title><title type="short">Intergenerational Transfers and Estate Tax Returns</title></titleGroup><creators><creator creatorRole="author" xml:id="cr1" affiliationRef="#a1"><personName><givenNames>Jenny B.</givenNames><familyName>Wahl</familyName></personName></creator></creators><affiliationGroup><affiliation xml:id="a1"><unparsedAffiliation>Carleton College</unparsedAffiliation></affiliation></affiliationGroup><abstractGroup><abstract type="main" xml:lang="en"><p><b>Objective.</b> Intergenerational transfers of wealth and ability can influence the distribution of wealth. This research examines the empirical relationships among intergenerational variables and cross‐sectional wealth distribution.</p><p><b>Methods. </b> Models pioneered by Gary Becker set out the conditions necessary for regression to the mean in wealth across generations. However, empirical testing of such models has been incomplete because large, reliable, intergenerational data sets—especially with data from three generations—are hard to find. This article unveils a remarkable new source of intergenerationally linked data: federal estate tax records filed in Wisconsin from 1916 to 1981 and linked across three generations of families.</p><p><b>Results.</b> Wealth tends to regress to the mean at the top end of the distribution, but slowly. Consequently, wealth inequality in the United States is likely to persist. What is more, recent federal tax changes, particularly the repeal of the estate tax and the reduction in capital gains tax rates, will exacerbate cross‐sectional wealth disparities.</p><p><b>Conclusions.</b> In the long run, intergenerational forces may help overcome inequalities in wealth across U.S. families. Empirical results suggest, however, that regression to the mean will occur quite slowly, and the long run could be long indeed.</p></abstract></abstractGroup></contentMeta><noteGroup><note xml:id="fn4"><sup>*</sup>Direct all correspondence to Jenny B. Wahl, Professor, Carleton College, Northfield, MN 55057. The author used tax data in this research via special arrangement with the Internal Revenue Service. Those wishing to obtain the data or replicate the study must similarly seek IRS permission.</note></noteGroup></header></component></istex:document></istex:metadataXml><mods version="3.6"><titleInfo lang="en"><title>From Riches to Riches: Intergenerational Transfers and the Evidence from Estate Tax Returns</title></titleInfo><titleInfo type="abbreviated" lang="en"><title>Intergenerational Transfers and Estate Tax Returns</title></titleInfo><titleInfo type="alternative" contentType="CDATA" lang="en"><title>From Riches to Riches: Intergenerational Transfers and the Evidence from Estate Tax Returns*</title></titleInfo><name type="personal"><namePart type="given">Jenny B.</namePart><namePart type="family">Wahl</namePart><affiliation>Carleton College</affiliation><role><roleTerm type="text">author</roleTerm></role></name><typeOfResource>text</typeOfResource><genre type="article" displayLabel="article" authority="ISTEX" authorityURI="https://content-type.data.istex.fr" valueURI="https://content-type.data.istex.fr/ark:/67375/XTP-6N5SZHKN-D">article</genre><originInfo><publisher>Blackwell Publishing</publisher><place><placeTerm type="text">Oxford, UK</placeTerm></place><dateIssued encoding="w3cdtf">2003-06</dateIssued><copyrightDate encoding="w3cdtf">2003</copyrightDate></originInfo><language><languageTerm type="code" authority="rfc3066">en</languageTerm><languageTerm type="code" authority="iso639-2b">eng</languageTerm></language><physicalDescription><extent unit="figures">3</extent><extent unit="tables">3</extent><extent unit="formulas">9</extent><extent unit="references">35</extent><extent unit="linksCrossRef">65</extent><extent unit="words">8929</extent></physicalDescription><abstract>Objective. Intergenerational transfers of wealth and ability can influence the distribution of wealth. This research examines the empirical relationships among intergenerational variables and cross‐sectional wealth distribution.</abstract><abstract>Methods. Models pioneered by Gary Becker set out the conditions necessary for regression to the mean in wealth across generations. However, empirical testing of such models has been incomplete because large, reliable, intergenerational data sets—especially with data from three generations—are hard to find. This article unveils a remarkable new source of intergenerationally linked data: federal estate tax records filed in Wisconsin from 1916 to 1981 and linked across three generations of families.</abstract><abstract>Results. Wealth tends to regress to the mean at the top end of the distribution, but slowly. Consequently, wealth inequality in the United States is likely to persist. What is more, recent federal tax changes, particularly the repeal of the estate tax and the reduction in capital gains tax rates, will exacerbate cross‐sectional wealth disparities.</abstract><abstract>Conclusions. In the long run, intergenerational forces may help overcome inequalities in wealth across U.S. families. Empirical results suggest, however, that regression to the mean will occur quite slowly, and the long run could be long indeed.</abstract><note type="content">**Direct all correspondence to Jenny B. Wahl, Professor, Carleton College, Northfield, MN 55057. The author used tax data in this research via special arrangement with the Internal Revenue Service. Those wishing to obtain the data or replicate the study must similarly seek IRS permission.</note><relatedItem type="host"><titleInfo><title>Social Science Quarterly</title></titleInfo><genre type="journal" authority="ISTEX" authorityURI="https://publication-type.data.istex.fr" valueURI="https://publication-type.data.istex.fr/ark:/67375/JMC-0GLKJH51-B">journal</genre><identifier type="ISSN">0038-4941</identifier><identifier type="eISSN">1540-6237</identifier><identifier type="DOI">10.1111/(ISSN)1540-6237</identifier><identifier type="PublisherID">SSQU</identifier><part><date>2003</date><detail type="volume"><caption>vol.</caption><number>84</number></detail><detail type="issue"><caption>no.</caption><number>2</number></detail><extent unit="pages"><start>278</start><end>296</end><total>19</total></extent></part></relatedItem><identifier type="istex">A95C43564F93916615B80E2A724C0C75DD5BAFDA</identifier><identifier type="ark">ark:/67375/WNG-Q48ZW187-W</identifier><identifier type="DOI">10.1111/1540-6237.8402004</identifier><identifier type="ArticleID">SSQU08402004</identifier><recordInfo><recordContentSource authority="ISTEX" authorityURI="https://loaded-corpus.data.istex.fr" valueURI="https://loaded-corpus.data.istex.fr/ark:/67375/XBH-L0C46X92-X">wiley</recordContentSource><recordOrigin>Blackwell Publishing</recordOrigin></recordInfo></mods><json:item><extension>json</extension><original>false</original><mimetype>application/json</mimetype><uri>https://api.istex.fr/document/A95C43564F93916615B80E2A724C0C75DD5BAFDA/metadata/json</uri></json:item></metadata><serie></serie></istex></record>Pour manipuler ce document sous Unix (Dilib)
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