Tax Policy Update - March 31, 2015

NUMBER OF THE WEEK: $23 Billion

The total revenue generated by the additional Medicare tax and the net investment income tax used to pay for the Affordable Care Act. The total exceeds the Joint Committee on Taxation's 2010 estimates by $2 billion according to the latest data from the Internal Revenue Service. The JCT expects the revenue to increase to $38.5 billion in 2019.

LEGISLATIVE LANDSCAPE

Dancing the Two Step to Tax Reform. House Ways and Means Chairman Paul Ryan (R-WI) is open to tackling tax reform in two phases with business up first. "I'm happy to do tax reform in two phases if that's necessary, so long as the first phase doesn't preclude but actually facilitates the second phase, which is to finish the job and lower the rates across the board for families and individuals," Ryan said at a press conference with tax reporters. To be sure, revamping the business and individual sides of the tax code separately would pose certain challenges, especially in