Tax Policy Center

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William G. Gale

Codirector

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Research report

Because of the strikingly large long-term fiscal gaps being projected recently for the United States, researchers have searched for hidden assumptions underlying revenue projections that might be biasing the results. This paper addresses the extent to which alternative projections of tax-...

July 26, 2004
Alan J. Auerbach, William G. Gale, Peter Orszag
Brief

The saver's credit, enacted in 2001 as part of the Bush administration's tax cut legislation, provides a government matching contribution for voluntary individual contributions to 401(k) plans, individual retirement accounts (IRAs), and similar retirement savings arrangements. It is the first...

July 1, 2004
William G. Gale, Peter Orszag, J. Mark Iwry
Brief

Recent and proposed fiscal policies--the tax cuts, proposals to make them permanent, and the Medicare prescription drug bill--will hurt economic prospects for most of today's children and all future generations. The programs will leave economic growth largely unchanged, but will redistribute...

July 1, 2004
William G. Gale, Laurence J. Kotlikoff
Research report

Over a permanent horizon, the fiscal gap now exceeds 7 percent of GDP under the CBO baseline and 10 percent of GDP under an adjusted baseline, substantially higher than a year ago. Allocating the fiscal gap to different programs is not straightforward, though. Most government programs are...

May 24, 2004
Alan J. Auerbach, William G. Gale, Peter Orszag
Research report

This paper examines the economic impacts of the Bush Administration's proposal to make its recent tax cuts permanent. Making the tax cuts permanent would be regressive and would dig a fiscal hole over the next 75 years that is as big as the combined social security and medicare trust fund...

March 8, 2004
William G. Gale, Peter Orszag
Research report

On February 2, the Bush administration released its budget proposals for fiscal years 2005-2009. This article provides initial analysis of the budget, with several interesting conclusions.

February 23, 2004
Peter Orszag, William G. Gale
Research report

When federal outlays exceed tax receipts, the government typically borrows money from domestic or foreign creditors. When national saving is low relative to national investment, government debt is more likely to be purchased by foreigners. The share of public debt held by foreigners rose from 15...

February 16, 2004
William G. Gale
Research report

The Congressional Budget Office (2004) has released new baseline budget projections, covering fiscal years 2005-2014. This article examines the baseline CBO projections, adjusts the official data in ways that more accurately reflect the current trajectory of tax and spending policies, and...

February 16, 2004
Peter Orszag, William G. Gale
Research report

In his FY2005 budget, released Monday, President Bush proposes a set of new tax-preferred saving accounts (which were first presented in last year's budget). Under the Administration's proposal, two new types of individual accountscalled Lifetime Saving Accounts (LSAs) and Retirement Saving...

February 4, 2004
Leonard E. Burman, William G. Gale, Peter Orszag

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