Tax Policy Center



William G. Gale


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Research report

In 2009, the federal deficit will be larger as a share of the economy than at any time since the 1940s. After 2009, we project an average deficit of $1 trillion per year for the next 10 years, under optimistic assumptions. The longer-run picture is even bleaker, with a fiscal gap of 7-9 percent...

February 19, 2009
Alan J. AuerbachWilliam G. Gale
Research report

Tax policy has been a major issue in the Presidential election campaign, with both candidates proposing extensive changes. The candidates take very different approaches to tax policy. The main differences are two: first, McCain's plans would reduce revenues by significantly more than Obama's;...

November 3, 2008
William G. GaleBenjamin H. Harris
Brief op-ed, July 30, 2009. William Gale and Alan Auerbach explain that the government is spending more than it's bringing in, resulting in a deficit. They explain why that gap must be brought under control.

July 30, 2008
Alan J. AuerbachWilliam G. Gale
Journal Article

With the economy rocked by mortgage defaults, illiquidity in financial markets, a falling dollar, and declining consumer confidence, fiscal matters have been placed on the back burner to some extent by policy makers and commentators. However, the fiscal problems facing the country not only won't...

May 15, 2008
William G. GaleJason FurmanAlan J. Auerbach

In the next few years, several factors will push tax issues to the forefront of policy discussions. First, under current law, almost all of the Bush Administration's tax cuts will expire at the end of 2010. A second factor is the rapid growth in the alternative minimum tax (AMT), which will...

May 14, 2008
William G. Gale

A good tax system raises the revenues needed to finance government spending in a manner that is as simple, equitable, stable, and conducive to economic growth as possible. But the challenge for the next President will be to make reform work not just in the abstract, but in the real world, where...

January 17, 2008
William G. Gale
Research report

Americans are taught from an early age to aspire to homeownership, and several long-standing federal institutions and regulations support owner-occupied residential housing. The income tax deduction for mortgage interest payments is possibly the best-known federal housing policy. Evidence...

June 27, 2007
William G. GaleJonathan GruberSeth Stephens-Davidowitz

The individual alternative minimum tax (AMT) was originally designed to limit the amount of tax sheltering and to assure that high-income filers paid at least some tax. The current AMT, however, has strayed from those original goals and under current law the tax will affect over 23 million...

January 19, 2007
Leonard E. BurmanGreg LeisersonWilliam G. Gale
Research report

Despite substantial attention given to fiscal policy concerns in recent years, the federal government's fiscal status has continued to deteriorate, with the enactment of tax cuts, a massive new Medicare entitlement, increased spending on defense and homeland security, and related economic...

April 17, 2006
Alan J. AuerbachWilliam G. GalePeter Orszag

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