User:TRHST6/sandbox

Introduction
=== '''Income inequality has grown greatly in recent years in the United States. But some people may be confused if it is at its highest right now. Wealth Concentration is growing as "the richest 1% of households owned 36% of the wealth in 2013, up from 30% in 1992.[1]" This was taking from estate tax returns. Compared to international standards the US wealth concentration is high as of right now. "The share of wealth owned by the top 1% families has regularly grown since the late 1970s and reached 42% in 2012."[2] The majority of the increase in wealth is the 0.1% whose wealth grew from 7% to 22% in over 20 years. Although 0.1% seems extremely small, it is about 160,000 tax units and makes up roughly 20 million dollars in net assets. The top 20% of wealthiest people in America, made up 80% of all financial assets. The richest 1% in the United States owned 35% of the whole entire country's wealth.''' ===

What Is Wealth?
=== '''First things first let's discuss what wealth is. "Wealth is the current market value of all the assets owned by households net of all their debts."[3] The Assets include all the non-financial and financial assets over which ownership rights can be enforced and that provide economic benefits to their owners.[4] They also define their definition of wealth to be including all pension wealth.''' ===

Data and Trends
=== '''Estimates show that offshore financial wealth amounts to about 8% of household financial wealth at the global level, and to about 4% in the U.S. During COVID-19 the wealth of billionaires in the U.S. increased by a crazy 70%. In 2019 79% of the wealth in the whole United States was owned by either a billionaire or a millionaire. The top 20% owned 86% of the country's wealth while the bottom 80% owned only 14%. 400 of the wealthiest people in all of America, have had more wealth than half of all the rest of Americans combined. In 2013 wealth inequality in the United States was worse than any other country.''' ===

The Capitalization Technique
=== '''"The capitalization method is well-suited to estimating the US wealth distribution, for one simple reason: the US income tax code is designed so that capital income flows to individual returns for a wide variety of ownership structures, resulting in a large amount of wealth-generating taxable income."[5] The way the capitalization technique works, is there are 9 categories in the tax data. Create a category for each of them in a balance sheet of a household. Then, for each category compute a capitalization factor as the ratio of aggregate household wealth to tax return income.''' ===

The Wealth That Does Not Generate Taxable Income
=== '''The most important assets are pensions and owner-occupied houses. These are sizable but do not raise insuperable problems because here is limited uncertainty on the distribution of pensions and main homes across families.''' ===

Websites Used
Wealth Inequality in the United States since 1913: Evidence from Capitalized Income Tax Data *

Damages Done: The Longitudinal Impacts of Natural Hazards on Wealth Inequality in the United States

https://www.google.com/url?q=https://www.annualreviews.org/doi/abs/10.1146/annurev.soc.26.1.63&sa=D&source=docs&ust=1678255578611932&usg=AOvVaw23j2goUmMseO8kK40GC7nf