Tax Policy Center

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William G. Gale

Codirector

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Research report

The effects of state tax policy on economic growth, entrepreneurship, and employment remain controversial. Using a framework that in prior research generated significant, negative, and robust effects of taxes on growth, we find that neither tax revenues nor top income tax rates bear stable...

December 1, 2015
William G. GaleKim S. RuebenAaron Krupkin
Journal Article

Looking specifically at taxes, Brookings Senior Fellow William Gale and Research Assistant Aaron Krupkin write that the U.S. does not have a good tax system that raises the revenues needed “to finance government spending in a manner that is as simple, equitable, and growth-friendly as possible...

November 25, 2015
William G. GaleAaron Krupkin
Brief

Cuts in top state income taxes are intended to raise economic growth, but could instead force punishing spending cuts, as revenues fall and states confront borrowing constraints. Previous work shows no clear impact of state taxes on growth. In new research, we build on a widely cited study that...

September 11, 2015
William G. GaleAaron KrupkinKim S. Rueben
Working paper

In response to the financial market crisis and Great Recession, there has been a resurgence of interest in financial transaction taxes (FTTs) around the world. We estimate that a well-designed FTT could raise about $50 billion per year in the United States and would be quite progressive. We...

June 30, 2015
Leonard E. BurmanWilliam G. GaleSarah GaultBryan KimJames R. NunnsSteven M. Rosenthal
Research report

This paper examines how changes to the individual income tax affect long-term economic growth. The structure and financing of a tax change are critical to achieving economic growth. Tax rate cuts may encourage individuals to work, save, and invest, but if the tax cuts are not financed by...

September 9, 2014
William G. GaleAndrew Samwick
Research report

The share of households with student loans rose from 9 percent in 1989 to 19 percent by 2010, while inflation-adjusted median student debt rose by more than 50 percent. Rising debt burdens can affect numerous outcomes. For those in school, loans may affect completion rates, choice of major, and...

May 14, 2014
William G. GaleBenjamin H. HarrisBryant RenaudKatherine Rodihan
Research report

Over the past few years, the U.S. long-term fiscal situation has improved somewhat and short-term deficits have come down. Perhaps as a result, policy makers have largely turned their attention away from dealing with fiscal issues. The fiscal problem may well be forgotten, but its not gone....

March 6, 2014
William G. GaleAlan J. Auerbach
Research report

While political leaders remain tied up in discussions of government shutdowns and debt ceiling increases, we focus on the medium- and long-term budget outlook, where more serious challenges lie. With the passage of the American Taxpayer Relief Act, the imposition of the sequester, and changes in...

October 1, 2013
Alan J. AuerbachWilliam G. Gale
Brief

Your uncle, Sam, has ignored his chronic health condition let's say he's diabetic for a long time. Then he suddenly has a heart attack, followed by a long, slow painful recovery. As he is recovering, he is feeling good about his health after all, he got though a crisis. But he is not actually...

June 1, 2013
William G. Gale

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