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• Is the Stimulus Working?

  Tue, 22 Sep 2009 00:00:00 GMT

  
  William Gale examines whether or not the stimulus is working, concluding that a number of key factors suggest that the stimulus is positively affecting the economy.

• An Update on the Economic and Fiscal Crises: 2009 and Beyond

  Tue, 15 Sep 2009 00:00:00 GMT

  
  William Gale and Alan Auerbach review recent economic events and their impact on U.S. fiscal performance and prospects, highlighting the historic nature of the 2009 budget outcomes, the unsustainability of plausible ten-year budget projections, and the increasingly dire long-term fiscal problem.

• Fix Health Care. But Fix the Deficits, Too

  Tue, 08 Sep 2009 00:00:00 GMT

  Senior Fellow William G. Gale and Alan J. Auerbach argue that while Obama must spell out a plan for reducing health costs, that will only partly address the long-term fiscal gap. Taxes and broader cuts are needed to solve the government's long-term financial problems.

• Activist Fiscal Policy to Stabilize Economic Activity

  Mon, 24 Aug 2009 00:00:00 GMT

  Facing the most severe recession since the 1930s, the U.S. government has pursued an aggressive countercyclical fiscal policy, which is striking given the consensus a decade ago against the use of discretionary fiscal policy as a stabilization tool. In this new paper, William Gale and Alan J. Auerbach consider the evidence on the effects of discretionary fiscal policy, beginning with how the practice of this policy has changed over time.

• Deficit: What Caused It, Why It Matters

  Thu, 30 Jul 2009 00:00:00 GMT

  
  William Gale and Alan Auerbach discuss the size of the long-term budget deficit and why it must be brought under control. They urge fiscal discipline with delicate timing: imposing spending cuts and tax increases too late risks precipitating a crisis in financial markets; imposing fiscal discipline too soon risks weakening the recovery or worsening the recession, as actually happened in the United States in the 1930s. Getting this mix right will require luck, discipline, imagination and leadership.

• Financing Health Care Reform by Soaking the Rich: A Bad Idea All Around

  Tue, 21 Jul 2009 00:00:00 GMT

  
  William Gale argues that choosing to finance health care reform by taxing the rich is bad economic policy, bad health policy, bad budget policy and poor leadership. He says if we want to seriously reform the health care system, we need our politicians to get serious with some sensible policies.

• Here Comes the Next Fiscal Crisis

  Wed, 08 Jul 2009 00:00:00 GMT

  
  The U.S. confronts two major economic challenges: the worst recession since the Depression and a growing imbalance between federal spending and revenues that makes our underlying fiscal policy unsustainable. Policymakers face a delicate balancing act between encouraging economic recovery and establishing fiscal sustainability. William Gale and Alan Auerbach say success will take new ideas, some luck and uncharacteristic honesty and resoluteness —  from our leaders and the rest of us.

• Automatic : Changing the Way America Saves

  Wed, 01 Jul 2009 00:00:00 GMT

  
  Automatic argues for a fresh approach to increase saving, simplify retirement planning, and help manage the risks associated with today's individual account environment.

• The Fiscal Crisis: Bad Now, Worse Long-Term

  Tue, 23 Jun 2009 17:52:48 GMT

  While many steps have been taken to help shore up the floundering U.S. economy, William Gale says that the long-term fiscal situation is still very dire.

• Tax Reform and Fiscal Discipline Needed for Economic Recovery

  Mon, 08 Jun 2009 11:14:14 GMT

  As the administration continues to wrangle with the floundering economy, Federal Reserve Chairman Ben Bernanke has advised that the growing budget deficits have to be cut. Economic Studies director William Gale agrees saying there needs to be a more comprehensive approach to stabilizing the economy.

• Tax Reform Handcuffs

  Mon, 04 May 2009 00:00:00 GMT

  President Obama has embraced the idea of tax reform and created an independent commission, but told its members to work within the confines of current policy. Can there be meaningful reform that doesn't raise income taxes on 95 percent of taxpayers? William Gale discusses this and other issues regarding tax reform.

• Challenges and Opportunities for Tax Reform

  Wed, 15 Apr 2009 15:50:40 GMT

  William Gale says the current tax system is too complicated, inequitable and inefficient. He says President Obama has to take the lead on reforming the tax code and that taxpayers should anticipate a future of higher taxes and fewer tax cuts.

• In '06, Rich Earned More, Paid Less Tax

  Fri, 30 Jan 2009 00:00:00 GMT

  In 2006, the 400 richest Americans had an average income of $263 million, a 23 percent jump over the previous year, the Internal Revenue Service says. That same year, the very wealthy paid, on average, an effective tax rate of 17 percent — the lowest in 15 years. NPR's All Things Considered host Robert Siegel discusses the issue with Bill Gale.

• Fixing the Tax System

  Mon, 08 Dec 2008 00:00:00 GMT

  
  Innovative and sound tax policy may be one way out of our financial rut, argue Bill Gale and Ben Harris. An effective tax code can buoy an economic recovery; down the road, taxation can help achieve the Obama administration's goals in health care, in energy policy and, ultimately, for fiscal balance.

• Taxes under Obama and McCain

  Thu, 30 Oct 2008 00:00:00 GMT

  
  William Gale and Benjamin Harris discuss the tax proposals set forth by the presidential candidates Barack Obama and John McCain.

• Increasing Annuitization of 401(k) Plans with Automatic Trial Income

  Thu, 05 Jun 2008 00:00:00 GMT

  Despite their many benefits, the take-up rate for annuities is currently low because of behavioral biases and market failures. In this paper, William Gale, J. Mark Iwry, David John and Lina Walker propose a two-year trial to allow retirees to experience the consistency, security, and simplicity of the lifetime income stream guaranteed by annuities.

• The Tax System: Too Complex, Unfair and Outdated

  Thu, 15 May 2008 00:00:00 GMT

  
  Stimulus checks are a bright note in this year’s tax season. But, William Gale asserts, the annual tax-filing ritual is otherwise complicated and outdated. He recommends that the presidential candidates advocate changes like streamlining tax incentives and allowing some taxpayers to pay without filing returns.

• Individual Taxpayers and Federal Tax Reform

  Tue, 13 May 2008 00:00:00 GMT

  
  Taxpayers are overwhelmed by complexity, real and imagined, in the tax code. Testifying before the Senate Finance Committee, William Gale said that, although the need to simplify the tax system is one goal that everyone accepts, every year the system becomes more complex.

• Facing the Music: The Fiscal Outlook at the End of the Bush Administration

  Thu, 08 May 2008 00:00:00 GMT

  
  Alan J. Auerbach, Jason Furman and William Gale discuss the most recent Congressional Budget Office baseline projection, and use it to examine the causes of the fiscal decline since 2000 and the medium- and longer-term fiscal outlook.

• Q&A on Tax Reform

  Tue, 02 Oct 2007 16:27:44 GMT

  The one thing that everyone agrees on is that taxes shouldn’t be so complicated. Yet every year, they get more complex. William Gale explains how the next president can move quickly to make the tax code simple, equitable, stable and promote economic growth.

• Still Crazy After All These Years: Understanding the Budget Outlook

  Fri, 27 Apr 2007 00:00:00 GMT

  Paper by William G. Gale, Jason Furman, and Alan J. Auerbach (April, 27 2007)

• Promoting Retirement Security: Make Saving Easier & More Rewarding

  Wed, 28 Feb 2007 00:00:00 GMT

  The past 25 years have brought a dramatic shift in our nation's pension system away from defined benefit plans and toward defined contribution accounts, such as 401(k)s and Individual Retirement Accounts (IRAs). But many of our public policies have not been updated to reflect the increased responsibility placed on workers to prepare for their own retirement. The next President can improve and strengthen retirement security substantially through a series of common-sense reforms that would make the defined contribution pension system easier to navigate and more rewarding for American families.

• Fixing the Tax System: Support Fairer, Simpler, and More Adequate Taxation

  Wed, 28 Feb 2007 00:00:00 GMT

  
  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 special interests often rule the roost. The next President should support reforms that would tax all income once (only) at the full tax rate, simplify and streamline the tax code, and, of course, raise sufficient revenues.

• Aging Gracefully : Ideas to Improve Retirement Security in America

  Tue, 01 Aug 2006 00:00:00 GMT

  
  

• Improving Opportunities and Incentives for Saving by Middle- and Low-Income Households

  Sat, 01 Apr 2006 00:00:00 GMT

  Hamilton Project Paper by William G. Gale, Jonathan Gruber, Peter R. Orszag (April 2006)

• New Estimates of the Budget Outlook: Plus Ca Change, Plus C'est la Meme Chose

  Fri, 10 Feb 2006 00:00:00 GMT

  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 developments. This paper provides new estimates of the nation's fiscal status over both the 10-year and long-term horizon, based on the most recent (January 2006) CBO official budget figures (2006).

• Taxing the Future : Fiscal Policy in the Bush Administration

  Wed, 01 Feb 2006 00:00:00 GMT

  
  This book provides an economic assessment of the Bush administration’s past and ongoing drive for tax cuts. William Gale and Peter Orszag, noted scholars in tax policy, provide historical context for the administration’s tax policy and examine its ef

• A Preliminary Evaluation of the Tax Reform Panel's Report

  Mon, 05 Dec 2005 00:00:00 GMT

  Article by Leonard E. Burman and William G. Gale, Tax Break (12/5/05)

• The Evolving Pension System : Trends, Effects, and Proposals for Reform

  Thu, 01 Dec 2005 00:00:00 GMT

  
  The Evolving Pension System examines the foundations and the future of the private pension system. It provides a broad overview of the underlying assumptions, characteristics, and effects of existing pension policy, as well as alternative view

• The Tax Reform Proposals: Some Good Ideas, but Show Me the Money

  Thu, 01 Dec 2005 00:00:00 GMT

  Article by Leonard E. Burman and Wiliam G. Gale, Economists' Voice (December 2005)

• Tax Reform Options in the Real World

  Sat, 01 Oct 2005 00:00:00 GMT

  The basic description of a desirable tax system is broadly accepted: It should raise the revenues needed to finance government spending in a manner that is as simple, equitable, stable, and conducive to economic growth as possible. Although people agree that the current system clearly falls short of at least some of these goals, it is not easy to point to examples around the world that work much better. In addition, how the system should be reformed is subject to enormous controversy. People define the underlying goals differently—notions of fairness, for example, are clearly "in the eyes of the beholder." People disagree on the most effective policies for attaining a particular goal, such as more economic growth. And most importantly, people have differing value judgments, which make agreement on policy almost impossible in the nearly ubiquitous case where there are tradeoffs among the goals.

• Charitable Giving and the Taxation of Estates

  Tue, 13 Sep 2005 00:00:00 GMT

  Testimony by William G. Gale, United States Senate Committee on Finance (9/13/05)

• The Case For Environmental Taxes

  Thu, 21 Jul 2005 00:00:00 GMT

  Opinion by William G. Gale, The Washington Examiner (7/21/05)

• Tax Policies to Help Working Families in Cities

  Wed, 01 Jun 2005 00:00:00 GMT

  As part of a series of Tax Policy Center papers on tax policy and low-income working families, Alan Berube, William Gale, and Tracy Kornblatt examine the potential of the federal tax code to help lower-income households in cities.

• U.S. Economy: We're All Living on Borrowed Time

  Wed, 01 Jun 2005 00:00:00 GMT

  Opinion by William G. Gale and Peter R. Orszag, Los Angeles Times (6/1/05)

• The National Retail Sales Tax: What Would the Rate Have To Be?

  Mon, 16 May 2005 00:00:00 GMT

  Article by William G. Gale, Tax Break (5/16/05)

• The Great Tax Shift

  Wed, 04 May 2005 00:00:00 GMT

  Article by William G. Gale and Peter R. Orszag, The American Prospect (5/4/05)

• Saving Incentives for Low- and Middle-Income Families: Evidence from a Field Experiment with H&R Block

  Sun, 01 May 2005 00:00:00 GMT

  Paper by Esther Duflo, William Gale, Jeffrey Liebman, Peter Orszag and Emmanuel Saez (May 2005)

• Options for Reforming the Estate Tax

  Mon, 18 Apr 2005 00:00:00 GMT

  Article by Leonard E. Burman, William G. Gale, and Jeffrey Rohaly, Tax Break (4/18/05)

• Demythologizing the Russian Flat Tax

  Mon, 14 Mar 2005 00:00:00 GMT

  Article by Clifford G. Gaddy and William G. Gale, Tax Notes International (3/14/05)

• The Pros and Cons of a Consumption Tax

  Thu, 03 Mar 2005 00:00:00 GMT

  Interview with William G. Gale, NewsHour with Jim Lehrer (3/3/05)

• The Saver's Credit: Expanding Retirement Savings for Middle- and Lower-Income Americans

  Tue, 01 Mar 2005 00:00:00 GMT

  Paper by William G. Gale, J. Mark Iwry, and Peter R. Orszag (March 2005)

• The Automatic 401(k): A Simple Way to Strengthen Retirement Savings

  Tue, 01 Mar 2005 00:00:00 GMT

  Paper by William G. Gale, J. Mark Iwry, and Peter R. Orszag (March 2005)

• The Outlook for Fiscal Policy

  Mon, 14 Feb 2005 00:00:00 GMT

  Article by William G. Gale and Peter R. Orszag, Tax Notes (2/14/05)

• President Bush's Proposed 2006 Budget

  Tue, 08 Feb 2005 00:00:00 GMT

  Chat transcript with William G. Gale, washingtonpost.com (2/8/05)

• The US Budget Deficit: On an Unsustainable Path

  Wed, 01 Dec 2004 00:00:00 GMT

  Article by William G. Gale and Peter R. Orszag, New Economy (December 2004)

• Bush Administration Tax Policy: Summary and Outlook

  Mon, 29 Nov 2004 00:00:00 GMT

  Article by William G. Gale and Peter R. Orszag, Tax Notes (11/29/04)

• Bush Administration Tax Policy: Starving the Beast?

  Mon, 15 Nov 2004 00:00:00 GMT

  Article by William G. Gale and Peter R. Orszag, Tax Notes (11/15/04)

• Bush Administration Tax Policy: Down Payment on Tax Reform?

  Mon, 08 Nov 2004 00:00:00 GMT

  Article by by William G. Gale and Peter R. Orszag, Tax Notes (11/8/04)

• Bush Administration Tax Policy: Short-Term Stimulus

  Mon, 01 Nov 2004 00:00:00 GMT

  Article by William G. Gale and Peter R. Orszag, Tax Notes (11/1/04)

• The Budget Outlook: Projections and Implications

  Mon, 25 Oct 2004 00:00:00 GMT

  Article by William G. Gale and Peter R. Orszag, The Economists' Voice (10/25/04)

• Bush Administration Tax Policy: Effects on Long-Term Growth

  Mon, 18 Oct 2004 00:00:00 GMT

  Article by William G. Gale and Peter R. Orszag, Tax Notes (10/18/04)

• Federal Revenue Options

  Wed, 06 Oct 2004 00:00:00 GMT

  Testimony by William G. Gale, House Committee on the Budget (10/6/04)

• Bush Administration Tax Policy: Revenue and Budget Effects

  Mon, 04 Oct 2004 00:00:00 GMT

  Article by William G. Gale and Peter R. Orszag, Tax Notes (10/4/04)

• Bush Administration Tax Policy: Distributional Effects

  Mon, 27 Sep 2004 00:00:00 GMT

  Article by William G. Gale and Peter R. Orszag, Tax Notes (9/27/04)

• The Cost of Tax Cuts

  Sun, 19 Sep 2004 00:00:00 GMT

  Article by William G. Gale and Peter R. Orszag, Minneapolis Star Tribune (9/19/04)

• Bush Administration Tax Policy: Introduction and Background

  Mon, 13 Sep 2004 00:00:00 GMT

  Article by William G. Gale and Peter R. Orszag, Tax Notes (9/13/04)

• The 2001 and 2003 Tax Cuts: A Response to Jenn and Marron

  Mon, 06 Sep 2004 00:00:00 GMT

  Article by Alan J. Auerbach, William G. Gale, and Peter R. Orszag, Tax Notes (9/6/04)

• Retirement Saving and Long-Term Care Needs: An Overview

  Wed, 01 Sep 2004 00:00:00 GMT

  Paper by William G. Gale, Mark J. Iwry, Peter R. Orszag, Alexis Ahlstrom, Emily Clements, Jeanne Lambrew, Anne Tumlinson (September 2004)

• National Retail Sales Tax

  Wed, 01 Sep 2004 00:00:00 GMT

  Article by William G. Gale, Encyclopedia of Taxation (September 2004)

• Budget Deficits, National Saving, and Interest Rates

  Wed, 01 Sep 2004 00:00:00 GMT

  Paper by William G. Gale and Peter R. Orszag, Brookings Panel on Economic Activity (9/10/04)

• A Note on the Required Tax Rate in a National Retail Sales Tax: Preliminary Estimates for 2005-2014

  Thu, 12 Aug 2004 00:00:00 GMT

  Paper by William G. Gale (8/12/04)

• Economic Effects of Making the 2001 and 2003 Tax Cuts Permanent

  Sun, 01 Aug 2004 00:00:00 GMT

  Paper by William G. Gale and Peter R. Orszag (August 2004)

• The Fiscal Gap and Retirement Saving Revisited

  Mon, 26 Jul 2004 00:00:00 GMT

  Article by by Alan J. Auerbach, William G. Gale, and Peter R. Orszag (7/26/04)

• The U. S. Tax Code's Impact on Revenue Projections and the Federal Budget

  Thu, 22 Jul 2004 00:00:00 GMT

  Testimony by William G. Gale, House Committee on the Budget (7/22/04)

• Improving the Saver's Credit

  Thu, 01 Jul 2004 00:00:00 GMT

  Brookings Policy Brief #135 by William G. Gale, J. Mark Iwry and Peter R. Orszag. (July 2004)

• Effects on Recent Fiscal Policies on Today's Children and Future Generations

  Mon, 07 Jun 2004 00:00:00 GMT

  Paper by William G. Gale and Laurence J. Kotlikoff (5/21/04)

• The ""No New Taxes"" Pledge

  Fri, 04 Jun 2004 00:00:00 GMT

  Paper by William G. Gale and Brennan Kelly (6/04/04)

• Distributional Effects of the 2001 and 2003 Tax Cuts and Their Financing

  Thu, 03 Jun 2004 00:00:00 GMT

  Paper by William G. Gale, Peter R. Orszag, and Isaac Shapiro (6/03/04)

• Sources of the Long-Term Fiscal Gap

  Mon, 24 May 2004 00:00:00 GMT

  Article by Alan J. Auerbach, William G. Gale, and Peter R. Orszag (5/24/05)

• The Saver's Credit: Issues and Options

  Mon, 03 May 2004 00:00:00 GMT

  Article by William G. Gale, J. Mark Iwry, and Peter R. Orszag (5/3/04)

• Private Pensions and Public Policies

  Mon, 19 Apr 2004 00:00:00 GMT

  
  The private pension system, together with Social Security, has provided millions of Americans with income security in retirement. But over the past thirty years, pension coverage has stagnated, leaving behind some vulnerable groups. Private Pensio

• The Saver's Credit: Issues and Options

  Thu, 01 Apr 2004 00:00:00 GMT

  Paper by William G. Gale, J. Mark Iwry, and Peter R. Orszag

• Should the President's Tax Cuts be Made Permanent?

  Mon, 08 Mar 2004 00:00:00 GMT

  Article by William G. Gale and Peter R. Orszag (3/8/04)

• The Budget Outlook: Updates and Implications

  Mon, 16 Feb 2004 00:00:00 GMT

  Article by William G. Gale and Peter R. Orszag (2/16/04)

• Overdrawn Account

  Wed, 04 Feb 2004 00:00:00 GMT

  William Gale and Peter Orszag examine the president's 2004 budet proposal, his tax cut proposals, and offer their own suggestions for balancing the budget over time.

• The President's FY 2005 Budget: First Impressions

  Wed, 04 Feb 2004 00:00:00 GMT

  Opinion by William G. Gale and Peter R. Orszag (2/4/04)

• Key Points on the Alternative Minimum Tax

  Wed, 21 Jan 2004 00:00:00 GMT

  Opinion by Leonard E. Burman, William G. Gale, Jeffrey Rohaly, and Matthew Hall, Tax Policy Center (1/21/04)

• Key Points on Making the Bush Tax Cuts Permanent

  Wed, 21 Jan 2004 00:00:00 GMT

  William Gale and co-authors examine the effects of making President Bush's tax cuts permanent.

• Fiscal Follies: The Real Budget Problem and How to Fix It

  Mon, 01 Sep 2003 00:00:00 GMT

  Over the past two and a half years the official U.S. federal budget outlook has deteriorated in spectacular fashion

• Economic Effects of Sustained Budget Deficits

  Thu, 17 Jul 2003 00:00:00 GMT

  Paper by William G. Gale and Peter R. Orszag (07/17/03)

• Whither Pensions? A Brief Analysis of Portman-Cardin III

  Mon, 28 Apr 2003 00:00:00 GMT

  Article by William G. Gale and Peter R. Orszag (4/28/03)

• Private Pensions: Issues and Options

  Wed, 16 Apr 2003 00:00:00 GMT

  Paper by William G. Gale and Peter R. Orszag (4/16/03)

• Private Pensions: Issues and Options

  Sat, 01 Mar 2003 00:00:00 GMT

  Paper by William G. Gale and Peter R. Orszag (03/03)

• Issues in Budget Reform

  Thu, 02 May 2002 00:00:00 GMT

  Testimony by William G. Gale, Senior Fellow, the Brookings Institution, before the House Budget Committee, May 2, 2002

• The Bush Budget: Guns and Caviar

  Sun, 10 Feb 2002 00:00:00 GMT

  Opinion by William Gale and Peter Orszag, Senior Fellows, The Brookings Institution, in the San Diego Union-Tribune, February 10, 2002

• The Role of Intergenerational Transfers in Aggregate Wealth Accumulation

  Mon, 03 Dec 2001 00:00:00 GMT

  Paper by William Gale, Senior Fellow, and Samara Potter, Research Assistant, The Brookings Institution, December 3, 2001

• The Taxation of Retirement Saving: Choosing Between Front-Loaded and Back-Loaded Options

  Thu, 31 May 2001 00:00:00 GMT

  Paper by Leonard Burman, William Gale, and David Weiner, May 31, 2001

• First Things First: The Case for Developing New Budget Rules

  Fri, 27 Apr 2001 00:00:00 GMT

  Paper by William Gale, Senior Fellow, The Brookings Institution, April 27, 2001

• Perspectives on the Household Saving Rate

  Sat, 01 May 1999 00:00:00 GMT

  Article by William Gale, Senior Fellow, The Brookings Institution, and John Sabelhaus, Congressional Budget Office

• Tax Credits: Social Policy in Bad Disguise

  Tue, 16 Feb 1999 00:00:00 GMT

  Tax credits: social policy in bad disguise -- William G. Gale

• The Aging of America: Will the Baby Boom Be Ready for Retirement?

  Sun, 01 Jun 1997 00:00:00 GMT

  Brookings Review article by William G. Gale (Summer 1997)

• The Effects of Social Security Reform on Private and National Saving

  Sun, 01 Jun 1997 00:00:00 GMT

  Article by William Gale, Senior Fellow, The Brookings Institution, and Eric M. Engen, Senior Economist, Board of Governors of the Federal Reserve System, in Social Security Reform: Links to Saving, Investment, and Growth, June 1997

• Public Policies Toward Saving: Should We Expand Individual Retirement Accounts?

  Thu, 06 Mar 1997 00:00:00 GMT

  Testimony by William G. Gale, United States Senate Committee on Finance (3/6/97)