Research report

This note considers four options to raise approximately enough revenue to finance the additional $87 billion that the President has requested to finance the war and reconstruction costs in Iraq. Commentators and some members of Congress have expressed an interest in options to offset these...

September 29, 2003
Leonard E. Burman
Research report

Over a permanent horizon, the fiscal gap now exceeds 7 percent of GDP under the CBO baseline and 10 percent of GDP under an adjusted baseline, substantially higher than a year ago. Allocating the fiscal gap to different programs is not straightforward, though. Most government programs are...

May 24, 2004
Alan J. AuerbachWilliam G. GalePeter Orszag
Research report

In the heady days after his re-election, President Bush promised to replace the current tax system with something better. Politicians often delude themselves that reform can be summoned by proclamation. But, a wholesale transformation of the income tax system isn't about to happen quickly or...

January 5, 2005
C. Eugene Steuerle
Research report

Proposals to replace part of Social Security with individual accounts are now a focus of attention, with the President expressing a strong desire to push forward on creating individual accounts within Social Security. This paper considers the appropriate budgetary treatment of proposals to...

January 24, 2005
William G. GaleJason FurmanPeter Orszag
Research report

The new budget projections released by the Congressional Budget Office (2005) provide an opportunity to assess fiscal policy in the first four years of the Bush administration and to discuss prospects for the next four years and beyond. This report examines the baseline CBO projections, adjusts...

February 14, 2005
William G. GalePeter Orszag
Research report

An important characteristic of many countries is that they exhibit, to greater or lesser degrees, some "asymmetry" in the way in which different regions are treated by their intergovernmental fiscal systems. This paper explores some of the varied extents and manners in which such asymmetrical...

March 25, 2005
Robert D. EbelRichard M. Bird
Research report

Although retail gasoline prices have reached an all-time high, gasoline taxes are not to blame. Gasoline taxes (both federal and state) average 43 cents per gallon and have fallen in real terms. Gasoline prices and taxes do vary across regions but there is little correlation between tax rates...

July 18, 2005
Sonya HooKim S. Rueben
Research report

Gas prices have increased substantially since the beginning of this year, continuing their upward trend since 1990. American drivers are pushing the federal and state governments to implement policies to lower gas prices. But gasoline taxes have not contributed to the increase in gas prices....

April 24, 2012
Kim S. RuebenYuri Shadunsky
Research report

While U.S. gasoline prices were indeed at a historical high after Katrina, they are both declining and much lower than gas prices in other countries.

September 26, 2005
Sonya HooRobert D. Ebel
Research report

Claims that increasing capital gains tax rates will adversely impact stock markets and economic growth are not strongly supported by empirical data. Over the last half-century, the correlation between the maximum capital gains tax rate and the ratio of the S&P index to GDP has been about -0....

November 7, 2005
Troy KravitzLeonard E. Burman