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William G. Gale

Codirector

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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. Gale, Hilary Gelfond, Aaron Krupkin, Mark J. Mazur, Eric 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. Auerbach, William G. Gale, Aaron 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. Gale, Aaron 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. Gale, Surachai Khitatrakun, Aaron Krupkin
Research report

Policy makers have long sought to boost households’ retirement saving through tax incentives. Little is known, however, about how savers’ contributions are linked across different types of tax-preferred accounts. Previous research has concluded that workers who become eligible for a 401(k) plan...

October 25, 2017
William G. Gale, Aaron Krupkin, Shanthi Ramnath
Research report

This brief discusses how savers’ contributions are linked across different types of tax-preferred accounts. Previous research has concluded that workers who become eligible for a 401(k) plan also see stronger growth in IRA balances. However, the mechanism for this increase – contributions, asset...

October 25, 2017
William G. Gale, Aaron Krupkin, Shanthi Ramnath
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 a tax plan consistent with the outline the Trump Administration produced in April. ...

August 15, 2017
William G. Gale, Surachai Khitatrakun, Aaron Krupkin
Research report

While policy makers and news headlines focus on debates about health care and tax policy, the U.S. fiscal outlook remains troubling and is a constraint against which new proposals should be judged. Budget deficits appear manageable in the short run, but the nation’s debt-GDP ratio is already...

August 7, 2017
Alan J. Auerbach, William G. Gale
Commentary

Bill Gale discusses the current tax reform initiatives by Congress and the Administration and outlines some issues Republicans may face when trying to pass tax legislation in this...

August 2, 2017
William G. Gale

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