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William Gale, Senior Fellow, The Brookings Institution

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Bill Gale, Vice President and Director of Economic Studies for the Brookings Institution. Bill Gale is the vice president and director of Economic Studies and holds the Arjay and Frances Miller Chair in Federal Economic Policy. He conducts research on a variety of economic issues, including tax policy, fiscal policy, pensions and savings behavior. He is also co-director of the Tax Policy Center, a joint venture of Brookings and the Urban Institute. Before joining Brookings, Gale was an assistant professor in the Department of Economics at the University of California at Los Angeles, and a senior staff economist for the Council of Economic Advisers. He has also served as a consultant to the General Accounting Office and the World Bank.

Gale is co-editor of Private Pensions and Public Policy (2004), Rethinking Estate and Gift Taxation (2001), Economic Effects of Fundamental Tax Reform (1996), the Brookings-Wharton Papers on Urban Affairs (1999-present) and The Evolving Pension System: Trends, Effects, and Proposals for Reform (forthcoming), all published by Brookings.

Gale is author or co-author of numerous academic articles including: "An Economic Evaluation of EGTRRA," National Tax Journal (2002), "Perspectives on the Budget Surplus," National Tax Journal (2000), "The Adequacy of Retirement Saving," Brookings Papers on Economic Activity (1999), "The Effects of Pensions on Household Wealth," Journal of Political Economy, (August 1998), "The Illusory Effects of Saving Incentives on Saving," Journal of Economic Perspectives (Fall, 1996) and "IRAs and Household Saving," American Economic Review (December, 1994).

He contributes a regular column called "Tax Break," which appears in Tax Notes magazine, and has published in a wide variety of popular media outlets, including the Los Angeles Times, the New York Times, the Wall Street Journal, and the Washington Post.

Gale has received grants from the National Institute on Aging, the National Science Foundation, Smith-Richardson Foundation, the Social Security Administration, the American Council on Life Insurance, the Lumina Foundation, the John M. Olin Foundation, TIAA-CREF Institute, the Department of Labor, the Institute for Research on Poverty, and the Center for American Politics and Public Policy.

Gale received his B.A. in economics from Duke University and his Ph.D. in economics from Stanford University. He also studied for a year as an undergraduate at the London School of Economics. He lives in Fairfax, VA, with his wife, two children, and golden retriever.

Recent Responses

September 21, 2009 09:17 AM

RE: Is The Stimulus Working?

It is probably impossible to PROVE at this point that the stimulus is or is not having a big effect.  Cogan et al clearly are taking the position that it did not have an effect -- any effect, it seems -- and they are marshalling the set of arguments that can be used in support of that claim.  I personally tend to view the evidence differently and reach a different conclusion, as follows, but I don't claim that I can PROVE that my  conclusion is right. First, it looks like consumer spending went up in the spring of 2009, despite…  Read more

July 20, 2009 09:08 AM

RE: Soak The Rich

Choosing to finance health care reform by taxing the rich is bad economic policy, bad health policy, bad budget policy and poor leadership. I It is bad economic policy because, coupled with the scheduled expiration of the Bush tax cuts, it would raise marginal tax rates by 10 percentage points for high-income households. While I object to the general hue and cry that occurs anytime anyone discusses any potential tax increase for the rich, it is nevertheless quite fair to say that a 10 percentage point increase in taxation on the return to labor and capital income is a lot…  Read more

July 13, 2009 09:53 AM

RE: A Return To Saving?

The personal saving rate is one of the most misunderstood and misinterpreted pieces of data produced in the NIPAs.  It is designed to show the amount of current “personal” income that is not used for consumption or taxes and it does that.  It does not, however, comport neatly with our common-sense definitions of what constitutes household savings. Here are some of the problems in interpreting the rate:   --the “personal” saving rate includes the retained earnings of sole proprietorships and partnerships and nonprofits – hence, universities, foundations and other endowments   --the saving rate is affected positively by the rate…  Read more

May 4, 2009 08:52 AM

RE: Tax Reform Handcuffs

The state of politicians' discussion on taxes in this country is downright embarassing and increasingly dangerous.  One side says "no new taxes."  The other side says "no new taxes on the bottom 95 percent."  The way these two positions relate to tax reform is best captured by the phrase "you can't get there from here." Tax reform involves improving the efficiency, equity, simplicity, and revenue adequacy of the tax system.  Any effort to establish adequate revenue is going to require an increase in revenues – most likely through the creation of a new tax like a VAT.  Any effort to…  Read more
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