Tax Policy Update - March 24, 2015

NUMBER OF THE WEEK: $900 Billion

The amount of additional taxes that would fall on businesses and families under Republicans' budget plans, according to a "fact check" by the Associated Press in a story with a title made of the stuff that is every Republican's nightmare: "GOP Budgets Rely on Higher Taxes to Balance." Despite claims that the budget resolutions would have no net tax increases, the revenue assumptions in the plan don't add up without allowing a bevy of tax breaks to remain expired, the AP reports. Read more here, and read our summary of the House and Senate budget resolutions below.

LEGISLATIVE LANDSCAPE

House Ways & Means to Repeal Estate Tax. Ways and Means Chairman Paul Ryan (R-WI) will convene a markup on Wednesday to consider a number of tax bills including one that would repeal the estate tax. The "Death Tax Repeal Act of 2015" ( H.R. 1105), introduced by Rep. Kevin Brady (R-TX), sets out to repeal estate and generation-skipping transfer