Bill Gale
@billgale.bsky.social
Co-director, Urban-Brookings Tax Policy Center
Even without extending TCJA, keeping debt/GDP at its 2024 level (98%) in 2055 would require permanent spending cuts or tax increases of 1.84% of GDP if started in 2026—about $530 billion, or 22% of 2024 income tax revenues, or 15% of spending other than Social Security, Medicare, and interest.
February 26, 2025 at 3:52 PM
Even without extending TCJA, keeping debt/GDP at its 2024 level (98%) in 2055 would require permanent spending cuts or tax increases of 1.84% of GDP if started in 2026—about $530 billion, or 22% of 2024 income tax revenues, or 15% of spending other than Social Security, Medicare, and interest.
Our analysis shows a 37% inheritance tax with a $2.81M exemption would raise the same revenue as the current estate tax—but more progressively. It would also broaden the tax base and boost mobility. 2/2
February 14, 2025 at 2:11 PM
Our analysis shows a 37% inheritance tax with a $2.81M exemption would raise the same revenue as the current estate tax—but more progressively. It would also broaden the tax base and boost mobility. 2/2
EI includes estimates of annualized unrealized capital gains, imputed owner-occupied housing income, unreported business income, inheritances received, Medicare, Medicaid, and more. We are using EI in several new papers, including on taxing the Great Wealth Transfer www.brookings.edu/articles/how...
How should we tax the Great Wealth Transfer?
Intergenerational wealth transfers will increase in the coming years, and transfer tax reforms can raise revenue in a progressive way.
www.brookings.edu
December 16, 2024 at 7:33 PM
EI includes estimates of annualized unrealized capital gains, imputed owner-occupied housing income, unreported business income, inheritances received, Medicare, Medicaid, and more. We are using EI in several new papers, including on taxing the Great Wealth Transfer www.brookings.edu/articles/how...
Read the paper here: www.aeaweb.org/articles?id=...
Sweeping Changes and an Uncertain Legacy: The Tax Cuts and Jobs Act of 2017
(Summer 2024) - The Tax Cuts and Jobs Act (TCJA) of 2017 introduced sweeping changes to individual and corporate taxation. We summarize the major provisions, trace the origins of the Act, and compare ...
www.aeaweb.org
December 3, 2024 at 8:30 PM
Read the paper here: www.aeaweb.org/articles?id=...