William G. Gale

BIO
William Gale is the co-director of the Tax Policy Center alongside Eric Toder. Gale is the Arjay and Frances Miller Chair in Federal Economic Policy at the Brookings Institution. He is a former assistant professor of economics at UCLA and senior economist at the Council of Economic Advisers. He is coeditor of Economic Effects of Fundamental Tax Reform, Rethinking the Estate and Gift Tax, and Private Pensions and Public Policies. Gale is also director of the Retirement Security Project at the Brookings Institution.


Rubio-Lee Hints at Tax Reform's Troubling Direction

By :: March 11th, 2015

Republican Senators Marco Rubio and Mike Lee have introduced what should probably be thought of as the first major set of tax proposals in the 2016 Presidential election.  While their proposals are unlikely to be enacted, they hint at the troubling direction that tax reform debates seem to be headed. The Senators would reduce the […]

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New Evidence on Our Fiscal Status

By :: January 27th, 2015

CBO’s  new budget projections are an opportunity to take stock of the country’s fiscal situation. At the risk of oversimplifying, the report contains one piece of good news, and two of bad news.  The bottom line: The sky is not falling but policymakers have fallen short of solving the long-term fiscal problem. The good news […]

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Adjusting the President’s Capital Gains Proposal

By :: January 21st, 2015

President Obama’s new proposal to tax capital gains at death is a welcome change that would close a huge loophole, but it suffers from a serious flaw: For some assets, it would be a record-keeping nightmare. Fortunately, there is an easy fix. The proposal is part of a broader tax plan that Obama released prior […]

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Tax Policy in 2014: Two Developments That May Set The Table For the Future

By :: December 22nd, 2014

At first glance, 2014 seemed like a tax policy wasteland, but two developments may have set the stage for important future initiatives.  A wave of tax-driven corporate inversions showed one reason why tax reform is necessary.  A detailed plan by House Ways & Means Committee chairman Dave Camp (R-MI) showed how tax reform could be […]

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Magical Thinking on Tax Reform

By :: December 18th, 2014

Everybody loves the idea of tax reform. And tax reform can be very good policy. But advocates often turn to magical thinking about how good tax reform can be, and a recent column by George Will offers two examples of this problem. First, Will writes that “if America’s long-term economic growth [rate] were 3.5 percent, […]

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Get the Fiscal House in Order

By :: November 20th, 2014

The Cato Institute has organized an online forum to debate pro-growth economic policy reforms. Tax Policy Center scholars Bill Gale, Donald Marron, and Eric Toder have each contributed to the discussion. As policy makers search for ways to raise economic growth and improve the living standards of future generations, a major priority should be to get […]

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Tax Reform: One Shining Moment or “Blah, Blah, Blah”

By :: November 5th, 2014

Given that prospects for tax reform were virtually nil before the election, the Republican recapture of the Senate has to have made prospects for tax reform better.  But I still have the strong sense that tax reform will be a tough slog in the next Congress. Let’s start on corporate side.  It is often noted […]

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Income Tax Changes and Economic Growth

By :: September 19th, 2014

Policy makers and researchers have long been interested in how potential changes to the personal income tax system affect the size of the overall economy. Earlier this year, for example, Representative Dave Camp (R-MI) proposed a sweeping reform to the income tax system that would reduce rates, greatly pare back subsidies in the tax code, […]

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Don’t be fooled: America’s deficit is still a problem

By :: September 2nd, 2014

The Congressional Budget Office recently put out new budget projections and commentators have had a series of feel-good moments about it. Debt is under control, they say. Projections of Medicare costs continue to fall, they point out. The CBO’s estimates of future interest rates, and hence interest payments, have come down as well, they echo. […]

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Six Takeaways from CBO’s New Long-Term Budget Outlook

By :: July 16th, 2014

The newest Congressional Budget Office long-term budget outlook, released today, is more evidence that the long-term federal budget problem may be forgotten, but it is not gone. Here are six takeaways. 1. The size of the budget deficit today isn’t a problem, and it’s not much of a problem for the next few years either. […]

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