FACT!
Project 2025, the Trump presidential transition blueprint, would raise taxes on low- and middle-income households to finance tax cuts for the wealthy and large corporations.
Specifically, Project 2025’s tax reform plan would:
- Raise taxes by $3,000 for median family of four and by $950 for a single person.
- Tax cut of $1.5–2.4 million for the 45,000 households making over $10 million.
- Cut corporate tax rate to 18%, which amounts to a $24 billion tax cut for the Fortune 100.
- Replace all individual and corporate income taxes with a consumption tax over the long term. Would produce an enormous one-time burst of inflation and raise prices.
- Shift to flat consumption tax while eliminating income taxes would lead to an average $5,900 tax increase for the middle 20% and an average $2 million tax cut for the top 0.1%.
Sources: Steve Rattner, Center for American Progress
