Tax Policy Center

Experts

Expert

William G. Gale

Codirector

Social Media

Research report

Standard analysis of the corporate income tax assumes shareholders bear the burden of taxes on excess returns. But evidence shows that firms share rents with workers, especially high-income workers, which implies that these workers bear some of the burden as well. Using the Tax Policy Center...

May 10, 2022
William G. GaleSamuel Thorpe
Brief

Legislated changes affecting capital income have dramatically reduced the federal income tax base and revenues over the past 25 years. A significant share of capital income is never subject to tax. The massive “leakage” between the generation of economic income and the reporting of income on tax...

April 20, 2022
William G. GaleSwati JoshiChristopher PulliamJohn Sabelhaus
Research report

More than half of economic income generated by closely held businesses does not appear on tax returns and that ratio has declined significantly over the past 25 years. Tax data alone provide incomplete insights about business income taxation because the incomes reported to the IRS are already...

February 23, 2022
William G. GaleSwati JoshiChristopher PulliamJohn Sabelhaus
Brief

In this policy brief, we explore the tax implications of the fact that most of the economic income generated by closely held businesses (that is, businesses other than corporations) in the United States does not show up on tax forms. Understanding the sources of this discrepancy—including tax...

February 23, 2022
William G. GaleSwati JoshiChristopher PulliamJohn Sabelhaus
Brief

This policy brief summarizes a new paper (Gale et al. 2022a) in which we develop and refine methods for estimating income tax liabilities in public-use Survey of Consumer Finances (SCF) micro data files. Most recently conducted in 2019, the SCF is a triennial household survey with extensive...

February 8, 2022
William G. GaleSwati JoshiChristopher PulliamJohn Sabelhaus
Research report

The Survey of Consumer Finances (SCF) is a triennial household survey with extensive demographic, income, and balance sheet information. The SCF is unique among public-use household surveys because it oversamples wealthy households and is thus suitable for studying wealth and income inequality...

February 8, 2022
William G. GaleSwati JoshiChristopher PulliamJohn Sabelhaus
Research report

Mainstream public finance research has largely ignored racial issues. This paper calls on public finance economists to explore racial issues more extensively. The obvious reasons are to understand the effects of inequitable and inefficient policies, help develop remedies,...

November 4, 2021
William G. Gale
Brief

The murder of George Floyd in spring 2020 sparked a national reckoning and renewed attention to issues of racial equity and justice. This long-overdue awakening led me to read extensively about racism and to think about interactions between race and public policy. To be...

November 4, 2021
William G. Gale
Brief

Interest rates on government debt have been falling in many countries for the last several decades, with markets indicating that rates may stay low well into the future.  The recent economic crisis precipitated by the coronavirus only accentuates these trends.  As...

September 23, 2021
Alan J. AuerbachWilliam G. Gale

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