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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税收和家庭财富重估

在扣除对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财富水平和趋势。该分析涵盖了 1983-2016 年的净资产 (NW) 和增加财富 (AW)，其中包括养老金和社会保障财富。扣除隐性税收会大大降低平均和中位数 NW 和 AW 的增长。然而，西北和西部不平等的上升轨迹与使用税后值基本没有变化。我还介绍了遗产财富，包括死亡抚恤金在内的遗产价值。它明显比 NW 更平等，并且随着时间的推移增长得更快。