Brookings: Topics - Tax Cuts

Tax Cuts for New Hires: Not Yet Ready for Prime Time

Fri, 16 Oct 2009 00:00:00 GMT

Gary Burtless addresses the idea of a tax credit for job creation, concluding that although the idea is attractive, it is not one that has a conspicuous record of success. The closest analogy to the kind of job creation tax incentive now under discussion is the 1970s era New Jobs Tax Credit, which demonstrated that creating a well designed subsidy is difficult if not impossible.

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.

Assessing the G-20 Stimulus Plans: A Deeper Look

Thu, 05 Mar 2009 00:00:00 GMT

Almost all of the G-20 countries have agreed to some type of fiscal stimulus plan to get their economies back on track but how strong are the plans and what measures are included? Eswar Prasad and Isaac Sorkin analyze the G-20 stimulus plans in detail in new research.

The Economy Needs a Shot In the Arm

Sun, 21 Dec 2008 00:00:00 GMT

Jeffrey R. Kling and William J. Congdon agree with the Obama stimulus proposal that increasing expenditures and decreasing taxes can stimulate the economy, but that spending on “shovel ready” infrastructure and human capital to diversify the targets of stimulus dollars will expedite the process while keeping waste to a minimum.

A Payroll Tax Holiday?

Wed, 17 Dec 2008 00:00:00 GMT

If policy-makers prefer speedy and administratively simple tax relief, a payroll tax cut has much to recommend it. However, argues Gary Burtless, if they want to target tax relief on taxpayers who are most likely to spend it in the short run, then a temporary cut in income taxes is the way to go.

Tax Reform’s Challenges and Opportunities

Fri, 05 Dec 2008 08:45:00 GMT

Event Information:

December 05, 2008, 8:45 AM to 4:30 PM

A new administration presents an ideal opportunity to reshape the nation’s tax code. Improving the equity, simplicity and efficiency of the tax system will help to better prepare taxpayers, businesses and the economy for the challenges that lay ahead. Brookings, the Urban-Brookings Tax Policy Center and Tax Analysts co-hosted a forum to explore timely policy recommendations for the incoming president and his transition team.

Candidate Issue Index: Fiscal Responsibility

Wed, 02 Jul 2008 00:00:00 GMT

Isabel Sawhill presents leading presidential candidates' positions on issues of fiscal responsibility, including: taxes, government programs and budgetary process issues . This chart is part of a series of issue indices to be published during the 2008 presidential election cycle.

Distributional Effects of the 2001 and 2003 Tax Cuts

Mon, 30 Jun 2008 00:00:00 GMT

William Gale, Doug Elmendorf, Jason Furman and Benjamin Harris reexamine the distributional effects of the 2001 and 2003 tax cuts, incorporating the financing of the tax changes, and the implications of behavioral responses for economic growth, incomes, and well-being factors. Compared with the standard analysis, this “dynamic distributional analysis” shows that the benefits of these tax cuts were much smaller, on average, and much more skewed toward people with higher incomes.

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.

President Bush's Plan for Economic Stimulus

Fri, 18 Jan 2008 12:03:44 GMT

Both the White House and Capitol Hill are laying out strategies to stimulate the nation’s economy. Hamilton Project Director Jason Furman assesses President Bush’s proposal for tax rebates and business tax cuts.

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.

Speech on the Economy, Opportunity and Tax Policy with Senator Barack Obama (D-Ill.)

Tue, 18 Sep 2007 12:45:00 GMT

Event Information:

September 18, 2007 at 12:45 PM

The Tax Policy Center and Brookings's Opportunity 08 project hosted Senator Barack Obama for a speech on the economy, opportunity and tax policy.

Fair and Equitable Tax Policy

Thu, 06 Sep 2007 00:00:00 GMT

Hamilton Project Director Jason Furman testified before the House Ways and Means Committee on fair and equitable tax policy for America's working families.

The Federal Budget, Third Edition : Politics, Policies, Process

Wed, 01 Aug 2007 00:00:00 GMT

In this third edition of his classic book The Federal Budget, Allen Schick examines how surpluses projected during the final years of the Clinton presidency turned into oversized deficits under George W. Bush.

Restoring Fiscal Sanity 2007 : The Health Spending Challenge

Thu, 01 Mar 2007 00:00:00 GMT

Exceeding $2 trillion annually, health care spending in the United States is growing significantly faster than the national economy. If left unchecked, this health spending crisis will threaten Americans' ability to pay for other essential services.

Taming the Deficit: A Bipartisan Plan to Balance the Budget

Wed, 07 Feb 2007 09:30:00 GMT

Event Information:

February 07, 2007, 9:30 AM to 11:00 AM

A distinguished panel of experts offered their bipartisan plan of spending cuts and revenue enhancements to balance the budget in the next five years, and set the nation on a sustainable fiscal course for the long run. Participants included G. William Hoagland, former director of budget and appropriations for former Senate Majority Leader Bill Frist (R-Tenn.); Charles Stenholm, former Member of Congress from Texas; and Isabel Sawhill, a Brookings senior fellow.

Options to Close the Long-run Fiscal Gap

Wed, 31 Jan 2007 00:00:00 GMT

Testimony by Jason Furman (1/31/07)

The President's Health Insurance Proposal - A First Look

Tue, 23 Jan 2007 00:00:00 GMT

In his State of the Union address, President Bush will propose to replace most current tax exclusions and deductions for health insurance premiums and out-of-pocket costs with a new $15,000 standard deduction ($7,500 for single people) in the federal income tax-as well as an exemption from payroll taxes-for all taxpayers who obtain qualifying health insurance. The plan would eliminate the current bias in favor of health insurance obtained through employers, provide tax incentives for the purchase of health insurance in the private market, and reduce current tax incentives to over-spend on healthcare services. As designed, the proposal would be revenue neutral over ten years, after which it would generate a growing stream of revenue.

The innovative plan is a major step toward improving the efficiency of the market for health insurance. By severing the link between work and insurance, it would offer everyone the same tax incentives to obtain insurance coverage and limit spending on health care. Whether it would succeed in meeting its objectives in a fair way is less clear.

Cool-headed, Warm-hearted Economics

Sun, 03 Dec 2006 00:00:00 GMT

Opinion by Peter Orszag (12/3/2006)

Promoting Fiscal Discipline and Broad-Based Economic Growth

Thu, 28 Sep 2006 00:00:00 GMT

Testimony by Peter Orszag, Senate Budget Committee (9/28/06)

Ignoring Debt Makes it Get Worse

Sun, 30 Apr 2006 00:00:00 GMT

Opinion by Isabel V. Sawhill, The Philadelphia Inquirer (4/30/06)

Good Reasons for Taxes

Sun, 16 Apr 2006 00:00:00 GMT

Opinion by Diane Lim Rogers, The Boston Globe (4/16/06)

Rising Debt Is Very Scary

Sun, 02 Apr 2006 00:00:00 GMT

Opinion by Diane Lim Rogers and Andrew L. Yarrow, The Baltimore Sun (4/2/06)

Event Summary: The President's Budget and the Long-Term Fiscal Outlook

Fri, 10 Feb 2006 00:00:00 GMT

Event Summary on The President's Budget and the Long-Term Fiscal Outlook (February 10, 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 administrations past and ongoing drive for tax cuts. William Gale and Peter Orszag, noted scholars in tax policy, provide historical context for the administrations tax policy and examine its ef

The Budget Crisis: Is It All Déjà Vu?

Wed, 01 Feb 2006 00:00:00 GMT

This paper looks back at the efforts after 1981 to resolve the conflict over how to reduce the budget deficit. Large and sustained budget deficits have re-emerged as a central focus of the debate over U.S. economic policy. The parallels between today's situation and the large deficits of the 1980s are striking in several dimensions. Is it possible that history will simply repeat itself, and a return to the budget discipline of the 1990s will again restore balance?

Severe Need for Fiscal Courage

Fri, 27 Jan 2006 00:00:00 GMT

Opinion by Isabel V. Sawhill, Baltimore Sun (1/27/06)

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)

Tax Reform in an Open Economy

Fri, 02 Dec 2005 08:30:00 GMT

Event Information:

December 02, 2005, 8:30 AM to 1:30 PM

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)

Chump-Change Budget Cuts

Sat, 12 Nov 2005 00:00:00 GMT

Opinion by Isabel V. Sawhill and Andrew L. Yarrow, Los Angeles Times (11/12/05)

Raise a Glass to a Fair Tax Hike

Mon, 07 Nov 2005 00:00:00 GMT

Opinion by Henry J. Aaron and George A. Hacker, Knight-Ridder Newspapers (11/7/05)

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)

Deficits, Interest Rates, and the User Cost of Capital: A Reconsideration of the Effects of Tax Policy on Investment

Fri, 01 Jul 2005 00:00:00 GMT

Under traditional formulations, lower capital income tax rates reduce the user cost of capital and stimulate investment. The traditional approach, however, implictly or explicitly considers a revenue-neutral reduction in capital income taxation. We extend the traditional approach by considering a reduction in taxes that generates an increase in the budget deficit; the expanded budget deficit raises interest rates and the opportunity cost of investment. This provides a mechanism through which tax cuts can raise the cost of capital. Representative calculations show that, even with relatively modest interest rate effects, the net effect of making the Administration's recent tax cuts permanent or a 10-percent reduction in individual income tax rates would be to raise the user cost of capital. Thus, sustained tax cuts can raise the cost of capital and reduce investment.

Tax Reform and the Environment

Fri, 03 Jun 2005 09:30:00 GMT

Event Information:

June 03, 2005, 9:30 AM to 11:30 AM

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)

Restoring Fiscal Sanity 2005 : Meeting the Long-Run Challenge

Sun, 01 May 2005 00:00:00 GMT

In this second volume of Restoring Fiscal Sanity, a group of policy experts focus on how to bring spending and revenues in line over the next decade, and even more important, how to balance them over the longer term. They suggest reforms in th

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)

Restoring Fiscal Sanity 2005: Meeting the Long-Run Challenge

Wed, 13 Apr 2005 00:00:00 GMT

Book edited by Alice M. Rivlin and Isabel V. Sawhill (4/13/05)

The Crisis Last Time: Social Security Reform

Sat, 05 Mar 2005 00:00:00 GMT

Opinion by Paul C. Light; New York Times (3/5/05)

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 Right Thing Is Not Permanent Tax Cuts

Mon, 21 Feb 2005 00:00:00 GMT

Opinion by Michael E. O'Hanlon and Isabel V. Sawhill, The Japan Times Online (2/21/05)

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)

Domestic Policy in President Bush's Second Term

Mon, 29 Nov 2004 09:00:00 GMT

Event Information:

November 29, 2004, 9:00 AM to 11:45 AM

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)

Making Choices: Exploring the Tax Issue

Wed, 20 Oct 2004 00:00:00 GMT

With a war to fight, the baby boom generation approaching retirement, and huge deficits looming ahead, we cannot afford the tax cuts that some thought affordable four years ago.

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)

Managing Through the Fiscal Rapids

Fri, 15 Oct 2004 00:00:00 GMT

Fiscal issues, upstaged by terrorism and war, have not been prominent in the 2004 election campaign, but they are certain to dominate the next presidency and government at all levels.

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)

Budget Deficits, Social Security, and Younger Generations

Mon, 13 Sep 2004 00:00:00 GMT

Testimony by Peter R. Orszag, House Budget Committee Forum (9/13/04)

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)

Free Money

Wed, 01 Sep 2004 00:00:00 GMT

Article by Alice M. Rivlin, Foreign Policy (September/October 2004)

National Retail Sales Tax

Wed, 01 Sep 2004 00:00:00 GMT

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

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)

A Deficit of Political Will

Fri, 23 Jul 2004 00:00:00 GMT

Opinion by Isabel V. Sawhill, Akron Beacon Journal (7/23/04)

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)

Event Summary: Assessing the Merits and Costs of the Candidates' Domestic Agendas

Wed, 23 Jun 2004 00:00:00 GMT

Event Summary. (6/23/04)

The 2004 Campaign: Assessing the Merits and Costs of the Candidates' Domestic Agendas

Wed, 23 Jun 2004 09:00:00 GMT

Event Information:

June 23, 2004, 9:00 AM to 11:30 AM

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)

Event Summary: Restoring Fiscal Sanity - While We Still Can

Tue, 18 May 2004 00:00:00 GMT

Event summary of the briefing on exploring and debating a number of possible options to help address these fiscal challenges before it is too late. (5/18/04)

Restoring Fiscal Sanity - While We Still Can

Tue, 18 May 2004 08:45:00 GMT

Event Information:

May 18, 2004, 8:45 AM to 11:30 AM

Event Summary: Restoring Budget Sanity

Tue, 27 Apr 2004 00:00:00 GMT

Event Summary on restoring fiscal sanity. (4/27/04)

Restoring Budget Sanity

Tue, 27 Apr 2004 12:00:00 GMT

Event Information:

April 27, 2004, 12:00 PM to 2:00 PM

The Legacy of U.S. Fiscal Policy

Fri, 16 Apr 2004 00:00:00 GMT

Speech by Peter R. Orszag (4/16/04)

Blue (and Red) over Tax Cuts

Thu, 15 Apr 2004 00:00:00 GMT

Notions of a politically segregated nation obscure the increasing intermixture of people in metropolitan America.

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)

How to Balance the Budget

Mon, 01 Mar 2004 00:00:00 GMT

Brookings Policy Brief #130 by Alice M. Rivlin and Isabel V. Sawhill. (March 2004)

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)

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)

The Current State of the U.S. Government's Budget

Wed, 04 Feb 2004 00:00:00 GMT

Testimony by Henry J. Aaron (2/4/04)

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 Federal Budget Outlook

Tue, 03 Feb 2004 00:00:00 GMT

Testimony by Peter R. Orszag (2/3/04)

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.

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)

Restoring Fiscal Sanity: How to Balance the Budget

Tue, 13 Jan 2004 00:00:00 GMT

Book edited by Alice M. Rivlin and Isabel V. Sawhill (1/13/03)

Event Summary: Restoring Fiscal Sanity: How to Balance the Budget

Tue, 13 Jan 2004 00:00:00 GMT

Event summary of the Restoring Fiscal Sanity: How to Balance the Budget briefing at Brookings.

Restoring Fiscal Sanity: How to Balance the Budget

Tue, 13 Jan 2004 15:30:00 GMT

Event Information:

January 13, 2004, 3:30 PM to 5:30 PM

Who's Minding the Kids?

Thu, 01 Jan 2004 00:00:00 GMT

Article by William G. Gale, The Milken Institute Review (Winter 2004)

Do Misperceptions Guide the Tax Policy Debate?

Tue, 16 Dec 2003 10:00:00 GMT

Event Information:

December 16, 2003, 10:00 AM to 11:30 AM

Saving Social Security: Which Way to Reform?

Wed, 10 Dec 2003 10:00:00 GMT

Event Information:

December 10, 2003, 10:00 AM to 11:30 AM

Bush's Tax Cut: The Online Debate

Fri, 07 Nov 2003 00:00:00 GMT

Online Debate between Peter R. Orszag and David Hale Hosted by The New Republic (11/7/03)

The Budget Outlook: Analysis and Implications

Mon, 06 Oct 2003 00:00:00 GMT

Article by William G. Gale and Peter R. Orszag (10/06/03)

The Budget Outlook: Baseline and Adjusted Projections

Mon, 22 Sep 2003 00:00:00 GMT

Article by William G. Gale and Peter R. Orszag (9/22/03)

Reassessing the Fiscal Gap: Why Tax-Deferred Saving Will Not Solve the Problem

Mon, 28 Jul 2003 00:00:00 GMT

Article by Alan J. Auerbach, William G. Gale, and Peter R. Orszag (7/28/03)

Perspectives on Long-Term Budget Deficits

Thu, 24 Jul 2003 00:00:00 GMT

Testimony by William G. Gale (7/24/03)

The Ways and Means Committee Pension Tax-Cut Legislation: Unsound Policy That Digs The Nation's Fiscal Hole Deeper

Tue, 22 Jul 2003 00:00:00 GMT

Paper by Peter R. Orszag (7/22/03)

Ignorance Fills the Income Gulf

Mon, 23 Jun 2003 00:00:00 GMT

Opinion by Carol Graham and Peyton Young, Boston Globe (6/23/03)