This paper provides new estimates of wage inequality in the United States from 1918 to 1949, leveraging a novel top-income methodology that integrates both tax records and census data. Our analysis reveals no sustained decline in wage inequality before the Second World War but a marked decrease during the war years. This decline was driven primarily by stagnation among the top 1 % of earners and significant wage growth at the lower end of the income distribution. However, the relative underperformance of the top earners was largely influenced by a major compositional shift triggered by unprecedented increases in corporate and personal income tax rates. These tax changes led to a shift in business preferences toward partnerships, resulting in a substantial transition from salaried employment to self-employment. This shift, previously overlooked in inequality studies, resulted in a 30 % overestimation of wage compression, significantly altering the wage distribution dynamics of the 1940s.

中文翻译：

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重新评估高收入者的巨大压力：被忽视的税收和自雇的作用


本文利用一种整合了税务记录和人口普查数据的新型最高收入方法，提供了 1918 年至 1949 年美国工资不平等的新估计。我们的分析显示，工资不平等在第二次世界大战之前没有持续下降，但在战争年代显着减少。这种下降主要是由于收入最高的 1% 的人停滞不前，以及收入分配低端的工资大幅增长。然而，高收入者的表现相对不佳，很大程度上受到公司和个人所得税税率空前上调引发的重大构成变化的影响。这些税收变化导致商业偏好转向合伙企业，导致从受薪就业向自雇职业的重大转变。这种转变以前在不平等研究中被忽视，导致工资压缩被高估了 30%，显着改变了 1940 年代的工资分配动态。