Project 2025 will raise your taxes to pay for big corporate tax cuts.

Project 2025 calls for the following tax policy changes:

1. A consumption tax on all goods: Project 2025 calls for a consumption tax on all purchases. (page 698)

2. Income tax hikes: For taxpayers in the 10% or 12% tax rate brackets now, Project 2025 would raise the federal income tax rate to 15%. For taxpayers in the 22% and 24% tax rate brackets, Project 2025 would raise the federal income tax rate to 30%. (page 696)

Economists estimate that a middle-class family with two children and an annual income of $100,000 would pay $2,600 in additional federal income tax if they faced a 15% flat tax on their income due to the loss of the 10% and 12% tax brackets. By comparison, a married couple with two children and earnings of $5 million a year would enjoy a $325,000 tax cut.

3. Home mortgage taxes and interest rates will go up too: Project 2025 calls for eliminating the State And Local Tax deduction (SALT) and privatizing the government’s mortgage lending vehicles, Fannie Mae and Freddie Mac, estimated to cost the average homeowner around $1200 per year as mortgage rates go up. (pages 697, 706)

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