Economic Effects of Making the 2001 and 2003 Tax Cuts Permanent

54 Pages Posted: 22 Aug 2004

See all articles by William G. Gale

William G. Gale

Brookings Institution

Peter R. Orszag

Lazard Asset Management

Date Written: August 2004

Abstract

All of the provisions of the landmark tax cuts enacted in 2001 and 2003 are scheduled to expire by the end of 2010. This paper analyzes the economic effects of making the tax cuts permanent. We describe the recent tax cuts and the proposals to make them permanent, and explore the consequences of making the tax cuts permanent with regard to the fiscal status of the government, the distribution of after-tax income, and prospects for long-term economic growth.

Keywords: 2001, 2003, tax, cuts, permanent, effects

JEL Classification: H20

Suggested Citation

Gale, William G. and Orszag, Peter R., Economic Effects of Making the 2001 and 2003 Tax Cuts Permanent (August 2004). Available at SSRN: https://ssrn.com/abstract=579062 or http://dx.doi.org/10.2139/ssrn.579062

William G. Gale (Contact Author)

Brookings Institution ( email )

1775 Massachusetts Avenue, NW
Washington, DC 20036
United States
202-797-6148 (Phone)
202-797-6181 (Fax)

Peter R. Orszag

Lazard Asset Management ( email )

30 Rockefeller Plaza
New York, NY 10112
United States

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