Tax Policy Center

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Expert

William G. Gale

Codirector

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Brief

This policy brief summarizes the impact of traditional individual retirement accounts and Roth individual retirement accounts on personal choices and on government finances. Although the accounts are equivalent under certain circumstances, in practice they often differ in important ways for both...

September 5, 2019
Leonard E. BurmanWilliam G. GaleAaron Krupkin
Research report

In this report, we examine the different ways that Roth individual retirement accounts (IRAs) and traditional IRAs affect their investors and the government. People who want to shelter more income per dollar deposited in the account, provide larger bequests, or eliminate uncertainty about how...

September 5, 2019
Leonard E. BurmanWilliam G. GaleAaron Krupkin
Testimony

On February 27, 2019 William G. Gale testified in front of the 116th U.S. House of Representatives Committee on the Budget for a hearing entitled, "2017 Tax Law: Impact on the Budget and American Families."

February 27, 2019
William G. Gale
Research report

We provide estimates of the federal budget outlook based on new Congressional Budget Office (CBO) analysis. CBO projects a debt-to-GDP ratio of 93 percent by fiscal year 2029 under current law, up from 78 percent today. Under a “current policy” scenario similar to CBO’s alternative fiscal...

February 12, 2019
Alan J. AuerbachWilliam G. GaleAaron Krupkin
Journal Article

In this article, Auerbach, Gale, and Krupkin discuss the federal budget outlook, examining long-term debt and the fiscal gap using recently updated data from the Congressional Budget Office and the Social Security and Medicare boards of trustees.

July 30, 2018
Alan J. AuerbachWilliam G. GaleAaron Krupkin
Research report

This paper examines the Tax Cuts and Jobs Act (TCJA) of 2017, the largest tax overhaul since 1986. The new tax law makes substantial changes to the rates and bases of both the individual and corporate income taxes, cutting the corporate income tax rate to 21 percent, redesigning international...

June 13, 2018
William G. GaleHilary GelfondAaron KrupkinMark J. MazurEric Toder
Research report

We examine the budget outlook, given new Congressional Budget Office (CBO) projections that reflect the recently enacted tax bill and spending deals. The prospect of routine trillion-dollar deficits has dominated public response to CBO’s report, but the underlying problem is even more serious....

April 23, 2018
Alan J. AuerbachWilliam G. GaleAaron Krupkin
Brief

The Tax Cuts and Jobs Act of 2017 allows owners of certain pass-through businesses (such as sole proprietorships, partnerships, and S corporations) to take a new deduction. However, the structure of the deduction is complicated because its generosity depends on many factors, such as the nature...

January 31, 2018
William G. GaleAaron Krupkin
Research report

Tax cuts often look like “free lunches” for taxpayers, but they eventually have to be paid for with other tax increases or spending cuts. We examine the distributional effects – with and without financing – of both the House and Senate versions of the Tax Cuts and Jobs Act. When ignoring...

December 8, 2017
William G. GaleSurachai KhitatrakunAaron Krupkin

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