Tax Policy Center

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William G. Gale

Codirector

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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
Research report

The Congressional Budget Office's midyear update of the economic and budget outlook, released in late August, provides an opportunity to glean new perspectives on the fiscal status of the federal government. In a prior article, we adjusted the baseline projections to provide more appropriate...

October 6, 2003
William G. Gale, Peter Orszag
Research report

The CBO's new budget update provides the opportunity to reassess fiscal prospects and reconsider policy options. This paper examines the baseline CBO projections and adjusts the official data in ways that we believe more accurately reflect the current trajectory of tax and spending policies and...

September 22, 2003
William G. Gale, Peter Orszag
Research report

A variety of recent studies have found that the United States faces a substantial fiscal gap -- that is, a sizable imbalance between projected federal outlays and receipts. A recent study by Boskin (2003) suggests these findings are overstated because they largely or entirely omit projected...

July 28, 2003
Alan J. Auerbach, William G. Gale, Peter Orszag
Brief

We find that estate tax repeal would reduce charitable bequests by between 22 and 37 percent, or between $3.6 billion and $6 billion per year. Previous studies are consistent with this finding, and also imply that repeal would reduce giving during life by a similar magnitude in dollar terms. The...

July 10, 2003
Jon M. Bakija, William G. Gale
Research report

Events leading up to the enactment of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) highlighted the role of tax provisions that expire at a given date, which are commonly known as "sunsets." This article examines trends in the magnitude and nature of sunsets, and discusses...

June 9, 2003
William G. Gale, Peter Orszag
Research report

This paper evaluates the tax proposals put forth by the Bush Administration, the House of Representatives, and the Senate Finance Committee, with respect to their impact on revenues, short-term stimulus, long-term growth and distribution of tax burdens and after-tax income. Particular attention...

May 19, 2003
Leonard E. Burman, William G. Gale, Peter Orszag

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