The “One Big Beautiful Bill Act of 2025” (OBBBA), signed into law July 4, 2025, is a sweeping tax-and-spending package that could reshape federal fiscal policy for decades to come.

Alan Auerbach and William Gale provide an update on the fiscal outlook, showing that the federal budget trajectory remains unsustainable.

William Gale, Oliver Hall, and John Sabelhaus measure the differential taxation of Black, Hispanic and white households

Revenues that would go to making the TCJA tax cuts permanent could be used to make Social Security solvent for at least the next 75 years.

Cutting tax expenditures could be an effective and politically viable way to streamline the federal government and raise revenues.

Exempting tips from taxes does nothing to help most low-income workers, and it may do little for many tipped workers—or even actively harm them.

Ahead of the Trump tax cuts expiring in 2025, William Gale examines the limited effect the cuts had on corporate investment.

William G. Gale and John Sabelhaus develop a new annual measure of income for distributional tax analysis.

New research shows that there are better ways to tax the affluent that can increase revenue while minimizing distortions.