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Historical Explanations (4): Why Did Not Top Income Shares Recover after WWII ♦ Top 1% income share remains stable at 8% in 1950-2002. ♦ Top 0.1% income shares remains at 2% in 1950-2002. ♦ Top 1% "wage income" share remains at 7% in 1970-2002. Reasons: Changes in institutional infrastructure after WWII: – Primogeniture abolished in 1947, – Progressive estate tax since 1950, – Progressive individual & corporate income tax since 1950, – Restrictive land and house lease laws since 1941, – Tax-exempted savings for the middle class since 1963, – Change in corporate governance (bank finance, cross shareholding), – Change in human resource management (enterprise unions, internal promotion, joint consultation). 22
Marginal Income Tax Rates in Japan, 1886-2002 90% 80% 70% 60% Highest Statutory MTR Top 0.01% MTR Top 0.1% MTR 50% 40% 30% 20% 10% 0% 1886 1890 1894 1898 1902 1906 1910 1914 1918 1922 1926 1930 1934 1938 1942 1946 1950 1954 1958 1962 1966 1970 1974 1978 1982 1986 1990 1994 1998 2002 Marginal Tax Rate 23
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 and 20: Historical Explanations (1): High I
Page 21: ♦ Historical Explanations (3): Im
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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