The Center for American Progress on Tuesday released an analysis of the tax plans in Project 2025, a right-wing manifesto whose authors have close ties to Republican presidential nominee Donald Trump, showing that conservatives aim to lower taxes on corporations and the rich while raising them on working- and middle-class Americans.
The liberal research and advocacy group, which published the analysis as part of a series of in-depth articles on Project 2025, found that the right-wing plan would raise income taxes for the median family of four by about $3,000, cut taxes by at least $1.5 million for a household earning more than $10 million per year, on average, and cut the corporate tax rate to 18% from 21%, an already historically low rate instituted by Republicans in 2017.
The analysis, authored by Brendan Duke, a senior director of economic policy at CAP, shows that, of households with a married couple and two children, only those earning more than $170,000 per year would see a tax break under the Project 2025 plan.
"This analysis lays bare how the extreme, conservative Project 2025 plan is more of the same from conservative leaders—delivering handouts to the wealthy and corporations on the backs of working people," Kobie Christian, a spokesperson at Unrig Our Economy, an advocacy group, said in a statement.
The Project 2025 plan would consolidate seven tax brackets into just two—15% and 30%—on the grounds that it would "simplify" the tax code. However, CAP says that the existing number of tax brackets don't create any additional complexity and are easily dealt with by tax-filing software. Moreover, 70% of tax filers only deal with the two lowest tax brackets—10% and 12%—"so they effectively are already in a two-bracket system," Duke wrote.
https://www.rawstory.com/project-2025-would-lower-taxes-for-rich-hike-them-for-everyone-else-analysis 