中文摘要
本文使用税务行政数据估计美国的顶层财富。我们构建了将个人与其资本收入来源相联系的新数据，并开发了估计资产类别内部回报异质性程度的新方法。细分的固定收益数据表明，富裕个人在收益率更高的形式中获得的利息收入占比高得多，其信用风险敞口也大得多。因此，近年来顶层群体的固定收益利率约为平均水平的3.5倍。我们利用企业层面的特征对美国企业总体进行估值，并借助企业—所有者关联关系分配这些财富。我们将这些关于固定收益和穿透实体企业回报的新数据，与对C型公司股权、住房和养老金财富的改进估计相结合，在Saez和Zucman（2016a）方法的基础上给出新的资本化财富估计。1989年至2016年，最富有的1%、0.1%和0.01%群体的财富份额分别提高了6.6、4.6和2.9个百分点，达到33.7%、15.7%和7.1%。总体而言，尽管我们估计存在很大程度的回报异质性，但将这种异质性纳入考量并未改变有关顶层财富份额及其增长的基本图景——财富不平等程度很高，并且在过去几十年中大幅上升。
Abstract
Abstract This article uses administrative tax data to estimate top wealth in the United States. We assemble new data that link people to their sources of capital income and develop new methods to estimate the degree of return heterogeneity within asset classes. Disaggregated fixed-income data reveal that rich individuals earn much more of their interest income in higher-yielding forms and have much greater exposure to credit risk. Consequently, in recent years, the interest rate on fixed income at the top is approximately 3.5 times higher than the average. We value the population of U.S. firms using firm-level characteristics and apportion this wealth using firm-owner links. We combine this new data on fixed income and pass-through business returns with refined estimates of C-corporation equity, housing, and pension wealth to deliver new capitalized wealth estimates that build upon the methods of Saez and Zucman (2016a). From 1989 to 2016, the top 1%, 0.1%, and 0.01% wealth shares increased by 6.6, 4.6, and 2.9 percentage points, respectively, to 33.7%, 15.7%, and 7.1%. Overall, although we estimate a large degree of return heterogeneity, accounting for this heterogeneity does not change the fundamental story for top wealth shares and their growth—wealth inequality is high and has risen substantially over recent decades.