Overview / Taxes
Overview / Taxes
Project 2025 Proposes Several Changes to the U.S. Tax System.
Here are the key changes and their potential negative effects on average Americans:
Here are the key changes and their potential negative effects on average Americans:
Income Tax
Change the current 7-bracket income tax structure to be only 2:
15% for lower incomes
30% for higher incomes, beginning at around $168,600.
This does not take into account many different types of American tax situations.
Many experts say this would make the government lose money.
Eliminate tax deductions, tax credits, and tax exclusions, which will impact almost every single American, increasing the tax burden on the middle class.
Change the current 7-bracket income tax structure to be only 2:
15% for lower incomes
30% for higher incomes, beginning at around $168,600.
This does not take into account many different types of American tax situations.
Many experts say this would make the government lose money.
Eliminate tax deductions, tax credits, and tax exclusions, which will impact almost every single American, increasing the tax burden on the middle class.
Capital Gains Tax
Impose a 15% tax on capital gains and dividends
Extend and expand the 2017 Tax Cuts and Jobs Act, which would increase our national debt by $4.6 trillion by 2028 according to experts.
Repeal the 3.8% net investment income tax, which only benefits extremely wealthy people and investors.
Impose a 15% tax on capital gains and dividends
Extend and expand the 2017 Tax Cuts and Jobs Act, which would increase our national debt by $4.6 trillion by 2028 according to experts.
Repeal the 3.8% net investment income tax, which only benefits extremely wealthy people and investors.
Corporate Taxes
Reduce from 21% to 18%.
Make capital expenditures fully deductible in the first year.
Both of these changes will reduce government revenue and shift the tax burden to individuals, prompting more tax-related crime.
Reduce from 21% to 18%.
Make capital expenditures fully deductible in the first year.
Both of these changes will reduce government revenue and shift the tax burden to individuals, prompting more tax-related crime.
Estate and Gift Tax
Set the rate at no higher than 20%
Make the current higher exemption amount permanent.
Both of these changes will only benefit wealthy people.
Set the rate at no higher than 20%
Make the current higher exemption amount permanent.
Both of these changes will only benefit wealthy people.
IRS Changes
Significant budget cuts to the IRS, which will impact their ability to their jobs.
Employees will be appointed by the President.
Significant budget cuts to the IRS, which will impact their ability to their jobs.
Employees will be appointed by the President.