Brendan Novak

Brendan Novak

Brendan Novak is a researcher and policy analyst interested in the intersection of data science, economics, and public policy. At PWBM he serves as a model developer and policy analyst focused on tax microsimulation, data generation, and distributional analysis of U.S. fiscal policy. His policy analysis spans many subject areas related to taxation and fiscal policy, including the individual income tax, the estate tax, tax expenditures, and social welfare programs. He leads development of the household module within PWBM’s integrated tax simulator, driving architectural improvements and expanding modeling capabilities to support real-time analysis of complex policy proposals. His analysis informs major legislative debates and budget packages and has been cited by policymakers and featured in leading media outlets. Prior to joining PWBM, he worked in state government and as Associate Director of the Center for Social Innovation at the University of Virginia. He holds a B.A. in Economics and a Master of Public Policy from the University of Virginia.

Recent Related Posts

Eliminating Excess Benefits from the Section 199A Deduction: Options for Reform under TCJA Extension

The deduction for pass-through income under section 199A provides a benefit in excess of 20 percent (“excess benefit”) for some taxpayers due to its interaction with the progressive tax rate system. As Congress considers extending 199A beyond 2025, options to remove the excess benefit while maintaining the 20 percent tax benefit could raise between $46B and $178B over the 10-year budget window, depending on design.

Eliminating Excess Benefits from the Section 199A Deduction: Options for Reform under TCJA Extension

Automatic Retirement Savings Plans for Low-Income Households

We analyze a new illustrative policy to create automatic retirement savings accounts for more than 56 million low-income Americans by 2030. The program is fully financed by removing the gross income adjustment for traditional 401k and similar retirement accounts without any additional contribution from households or employers. The program relies on the existing EITC administration without employer participation. After accounting for risk, individual account balances reach over $200,000 by retirement and any balances can be bequeathed upon death.

Automatic Retirement Savings Plans for Low-Income Households

President Biden’s FY2025 Budget Proposal: Budgetary and Economic Effects

PWBM estimates that President Biden’s FY2025 budget proposal would reduce primary deficits by $1.7 trillion over the 2025-2034 budget window. Accounting for economic feedback effects, GDP falls by 0.8 percent relative to current law in 2034. By 2054, debt falls by 5.4 percent and GDP declines by 1.3 percent relative to current law.

President Biden’s FY2025 Budget Proposal: Budgetary and Economic Effects