of permanent-income has grown much faster than the corresponding share of assets. Human wealth has a mitigating influence … on inequality, but this effect has waned over time due to the growing importance of assets in lifetime wealth portfolios …We characterize the distribution of permanent-income and quantify the value of assets and human capital in lifetime …

human wealth. The latter mitigates permanent‐income inequality, though its influence is diminished by the growing importance … of assets in lifetime wealth. Average expenditures and CE inequality roughly doubled between 1983 and 2016 and, to weigh … net worth overstate welfare inequality. This is largely due to the unaccounted value of future earnings, which we call …

income. We argue that instead of using yearly income, one should measure wealth tax burdens with respect to individual … concept can be established. Under our preferred income concept, the wealth tax shows advantageous distributional effects - it …Recent books by Thomas Piketty (Piketty, 2014) and Anthony Atkinson (Atkinson, 2015) have brought the annual wealth tax …