Tax Policy Update - March 03, 2015

NUMBER OF THE WEEK: $42,268. The projected average taxable income of all tax returns in 2015, according to the Joint Committee on Taxation's Feb. 27 report on "Fairness and Tax Policy." The report also projects that the top ten percent (in terms of income) of all taxpayers in 2015 will receive 45 percent of all income and pay 82 percent of all income taxes. The JCT published its report in preparation for the Senate Finance Committee's March 3 hearing to examine the issue of fairness in the U.S. tax code. Also, look for Democrats to issue a report in conjunction with today's hearing that will focus on tax avoidance strategies associated with financial products and deferred compensation.