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Historical Explanations (2): Income De-concentration during WWII ♦ Top 1% income share fell from 20% to 7% in 1938-45. ♦ Top 0.1% income share fell from 9% to 2% in 1938-45. ♦ Collapse of capital income component in top 1% income in 1938-45. ♦ Top 1% wage income share fell from 8% to 3% in 1935-44. Reasons (Nishida 2003; Okazaki 2000; Yazawa & Minami 1993) : – 1938 General Mobilization Act (regulation on land rents, dividends, wages and bonuses in 1939-45) – Increases in income tax rates in 1938-45. – Wartime inflation in 1938-45. – War destruction in 1944-45. 20
♦ Historical Explanations (3): Impact of U.S. Occupational Reforms (1947-52) Reconsidered Occupational policies: Land reform in 1947-50, Zaibatsu dissolution in 1946-48, Property tax in 1946-51. with Hyperinflation in 1944-48. Considered to be major causes of income equalization (Minami 1995). Then why no impact on top income shares Explanations: – Discontinuity in data Tax reforms in 1940, 1947, 1950, but unlikely to produce large enough bias. – Occupational reforms largely continuation of wartime policies (Dore 1985; Gordon 1985; Okazaki 2000; Moriguchi 2000). – Played big role in (not income but) wealth redistribution. 21
Page 1 and 2: Lunch Seminar on the Japanese Econo
Page 3 and 4: Income Inequality in Japan: What We
Page 5 and 6: Income Inequality in Japan, 1955-20
Page 7 and 8: Income Inequality in Japan, 1890-20
Page 9 and 10: High Income Studies using Income Ta
Page 11 and 12: Real Income per Capita in Japan, 18
Page 13 and 14: Top 1% and Next 4% Income Shares in
Page 15 and 16: Top 0.1% Income Share with Capital
Page 17 and 18: Top 0.01% vs. Top 1-0.5% Estate Siz
Page 19: Historical Explanations (1): High I
Page 23 and 24: Marginal Income Tax Rates in Japan,
Page 25 and 26: Top 0.1% Income Shares in France, U
Page 27 and 28: Top 0.1% Income Shares in Netherlan
Page 29: Main Results & Conclusions ♦ ♦

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