From Riches to Riches: Intergenerational Transfers and the Evidence from Estate Tax Returns
Identifieur interne : 000574 ( Main/Exploration ); précédent : 000573; suivant : 000575From 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
Affiliations:
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Wahl</name><affiliation><wicri:noCountry code="no comma">Carleton College</wicri:noCountry></affiliation></author></analytic><monogr></monogr><series><title level="j" type="main">Social Science Quarterly</title><title level="j" type="alt">SOCIAL SCIENCE QUARTERLY</title><idno type="ISSN">0038-4941</idno><idno type="eISSN">1540-6237</idno><imprint><biblScope unit="vol">84</biblScope><biblScope unit="issue">2</biblScope><biblScope unit="page" from="278">278</biblScope><biblScope unit="page" to="296">296</biblScope><biblScope unit="page-count">19</biblScope><publisher>Blackwell Publishing</publisher><pubPlace>Oxford, UK</pubPlace><date type="published" when="2003-06">2003-06</date></imprint><idno type="ISSN">0038-4941</idno></series></biblStruct></sourceDesc><seriesStmt><idno type="ISSN">0038-4941</idno></seriesStmt></fileDesc><profileDesc><textClass><keywords scheme="Teeft" xml:lang="en"><term>Average child wealth</term><term>Becker</term><term>Beneficiary</term><term>Beneficiary child</term><term>Beneficiary parent</term><term>Bequeathable wealth</term><term>Bequest</term><term>Building blocks</term><term>Capital gains</term><term>Ceteris paribus</term><term>Chicago press</term><term>Child ability</term><term>Child wealth</term><term>Data sets</term><term>Decedent</term><term>Decedent child</term><term>Decedent parent</term><term>Demand functions</term><term>Different states</term><term>Discussion paper</term><term>Empirical results</term><term>Federal estate</term><term>Fritz scheuren</term><term>Gary becker</term><term>Grandparent</term><term>Grandparental wealth</term><term>Household surveys</term><term>Human capital</term><term>Inequality</term><term>Intergenerational</term><term>Intergenerational data</term><term>Intergenerational model</term><term>Intergenerational transfers</term><term>Intergenerational transmission</term><term>Intergenerational variables</term><term>Internal revenue service</term><term>Lifetime earnings</term><term>Lifetime transfers</term><term>Lifetime wealth</term><term>Ling threshold</term><term>Ling thresholds</term><term>Marginal dollar</term><term>Measurement error</term><term>Menchik</term><term>Other variables</term><term>Other words</term><term>Panel data</term><term>Parent</term><term>Parental</term><term>Parental wealth</term><term>Paul taubman</term><term>Personal wealth studies</term><term>Pmpw concept</term><term>Present value</term><term>Real child wealth</term><term>Real grandparental wealth</term><term>Regression</term><term>Slow regression</term><term>Social science</term><term>Social security number</term><term>Social security numbers</term><term>Such models</term><term>Terminal wealth</term><term>Total estate</term><term>Transition probabilities</term><term>Truncation bias</term><term>Usable observations</term><term>Wahl</term><term>Wealth</term><term>Wealth class</term><term>Wealth distribution</term><term>Wealth inequality</term><term>Wealth measures</term><term>Wealth mobility</term><term>Wealth transfers</term><term>Wealthy parents</term><term>Wealthy people</term><term>William blake</term><term>Wisconsin data</term></keywords></textClass></profileDesc></teiHeader><front><div type="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.</div><div type="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.</div><div type="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.</div><div type="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.</div></front></TEI><affiliations><list></list><tree><noCountry><name sortKey="Wahl, Jenny B" sort="Wahl, Jenny B" uniqKey="Wahl J" first="Jenny B." last="Wahl">Jenny B. Wahl</name></noCountry></tree></affiliations></record>Pour manipuler ce document sous Unix (Dilib)
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