Project 2025 Calls For Raising Taxes On Working Class Americans By 25%

The Heritage Foundation's Project 2025 isn't just about exacting retribution on Donald Trump's enemies - they also have one of the most regressive tax policies the country has ever seen. While their tax plan predictably calls for massive tax cuts for millionaires and corporations, it also calls for HUGE tax increases on working class Americans. The tax increases would be 25% for average families, but would soar to more than 50% for low-income Americans. Ring of Fire's Farron Cousins explains this tax plan.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

If you thought that the Heritage Foundation's Project 2025 was just their plan to pack the federal government with Trump lovers who would then go after his political enemies, then you could not be more wrong. Because folks, project 2025 actually has policy proposals that do not involve revenge, except they kind of do involve a little bit of revenge, right? But it's not revenge on Donald Trump's political enemies. It's revenge on the working class because buried deep in Project 2020 five's 900 plus page report is their tax plan that they want Donald Trump to implement, which would lower taxes for millionaires and corporations while raising taxes by an enormous amount for low income and working class families making less than $94,000 a year. This tax plan is nothing short of insanity that would destroy the United States economy almost immediately. So here's what they want to do. Right now in the United States, we have seven different tax bracket brackets as part of our progressive tax system.

10%, 12%, 22%, 24, 32, 35, topping out at 37. Project 2025 says seven is too many. Let's just have two tax brackets, a 15% and a 30%. Now, here's how that would work. For people earning less than $168,000 a year, your tax rate would be 15%. You make more than 168, your tax rate drops to 30%. Well, with the way the tax brackets are now, you know, the lowest tax bracket for low income Americans is 10%. So those people would see their taxes raise from 10% to 15%, which of course is a 50% increase. So the poorest people in this country, under Project 2025 under Donald Trump's tax plan, would see their taxes go up by 50%. For people making under $94,000 a year, their taxes would jump from 12% to uh, to 15%, which is a 25% increase. By the way, the median household income in the United States, I think is $74,000. So the majority of Americans working class people, you me, we would see our taxes go up by no less than 25%. That would mean according to an analysis, if you're at the higher end of that spectrum, you would be paying an additional $10,200 per year under Donald Trump's tax plan. By comparison, a married couple

With two children and earnings of 5 million a year would enjoy a $325,000 per year tax cut. So the wealthy pay less and you pay insanely more than you pay right now. Oh, but don't worry folks, that's not the end of it. They're just not just getting rid of tax brackets. They're also doing the following things. They're cutting the corporate tax rate down to 18% from its current 21%. They're reducing capital gains tax to 15%. Currently, high income earners pay a tax of 20% on their capital gains. They're eliminating credits for green energy projects created by the Inflation reduction Act like there's not even a reason to do that other than frigging spite they're considering the introduction of a US consumption tax, such as a national sales tax, which of course would mean our taxes go even higher, and they're eliminating the Federal Reserve's mandate to maintain full employment in the labor market.

Now, you may be wondering about that last one. What does that have to do with taxes? Well, the answer is it doesn't really have anything to do with taxes. What it is, is the Federal Reserve has this mandate where we need to hit full employment, but unfortunately for corporations when we hit full employment, that means there's fewer people for every job opening. So that gives the power to the people seeking jobs to demand better benefit, better pay, and all these things that corporations don't want to do.