I compare pre-tax and post-tax wealth levels and trends after netting out implicit taxes on tax-deferred assets and accrued capital gains. The analysis covers 1983–2016 for net worth (NW) and augmented wealth (AW), which includes pension and Social Security wealth. Netting out implicit taxes substantially reduces growth in mean and median NW and AW. However, the upward trajectory in NW and AW inequality is basically unchanged from using post-tax values. I also introduce bequest wealth, the value of the estate including death benefits. It is notably more equal than NW and has grown faster over time.

中文翻译：

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税收与​​家庭财富重估

在扣除递延税资产和应计资本收益的隐性税后，我比较了税前和税后的财富水平和趋势。该分析涵盖了1983-2016年的净资产（NW）和增值财富（AW），其中包括养老金和社会保障财富。扣除隐性税会大大降低平均净值和中位数净值和净值的增长。但是，NW和AW不等式中的上升轨迹与使用税后值基本保持不变。我还介绍遗产遗产，遗产的价值，包括死亡抚恤金。它明显比NW更平等，并且随着时间的推移增长更快。