Wealth Inequality , Family Background , and Estate Taxation

@inproceedings{Nardi2015WealthI,
  title={Wealth Inequality , Family Background , and Estate Taxation},
  author={M. De Nardi and Fang Yang},
  year={2015}
}
This paper generates two main contributions. First, it provides a new theory of wealth inequality that merges two empirically relevant forces generating inequality: bequest motives and inheritance of ability across generations; and an earnings process that allows for more earnings risk for the richest. Second, it uses the resulting calibrated framework to study the effects of changing estate taxation. Increasing the estate tax reduces the wealth concentration in the hands of the richest few and… CONTINUE READING

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