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William G. Gale

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Brief

This paper examines long-term fiscal discipline and economic performance, with two main results. First, declines in budget surpluses (increases in deficits) reduce national saving and therefore reduce future national income, regardless of their effect on interest rates. Second, increases in...

April 24, 2003
William G. Gale, Peter Orszag
Research report

The Bush Administration's budget includes a chapter entitled "The Real Fiscal Danger," which highlights the projected imbalances in Social Security and Medicare. Ironically, the budget does not include any specific steps to eliminate or even reduce those imbalances. It does, however, propose...

April 21, 2003
William G. Gale, Peter Orszag
Research report

In the face of a stagnant economy, a war, a rapidly deteriorating short-term fiscal outlook, and a substantial long-term fiscal problem, the Bush Administration has proposed massive, regressive, permanent tax cuts that it acknowledges are unsustainable. This paper shows that under realistic...

April 7, 2003
William G. Gale, Peter Orszag
Research report

In its fiscal year 2004 budget, the Bush administration proposes to create a new set of tax-preferred accounts that would expand opportunities and consolidate rules for tax-advantaged saving. The initial reaction to the proposal was not particularly positive. Despite its uncertain prospects, the...

March 3, 2003
Leonard E. Burman, William G. Gale, Peter Orszag
Research report

The Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001 back-loaded many of its provisions. For example, EGTRRA reduces the top income tax rate from 38.6 percent currently to 37.6 percent in 2004 and 35 percent in 2006. The future income tax cuts scheduled under EGTRRA have...

February 17, 2003
William G. Gale, Matthew Hall, Peter Orszag
Research report

The release of the Congressional Budget Office's new baseline budget projections on January 29, 2003 offers the opportunity to reassess the fiscal status of the federal government as Congress and the administration consider a new set of budget proposals. This article examines the current budget...

February 10, 2003
William G. Gale, Peter Orszag
Research report

The effect of fiscal policy on economic growth is a controversial and long-standing topic in economic theory, empirical research, and economic policymaking. It is at the heart of the policy debate surrounding the sharp increases in official federal budget surpluses in the 1990s, the equally...

February 3, 2003
William G. Gale, Peter Orszag
Research report

On January 7, 2003, President Bush proposed a new package of tax cuts, consisting primarily of a new tax cut for dividends and capital gains on corporate stock and an acceleration of most but not all of the provisions of the 2001 tax cut that were scheduled to take effect in future years.1 In...

January 27, 2003
William G. Gale, Peter Orszag
Research report

[ Brookings Institution] President Bush's new tax plan is an answer in search of a question. It would provide little short-term stimulus. It seems unlikely to provide much of a long-term boost to growth or jobs. It is an incomplete way to reform corporate taxes. It would not boost investor...

January 8, 2003
William G. Gale

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