On this edition of Your Call, we're discussing the economic implications of Project 2025, which would raise taxes on the middle class and cut taxes for the wealthy and corporations. A family of four making $110,000 would see a $3,000 tax increase, while households making more than $10 million would receive $1.5–2.4 million in tax cuts, according to the Center for American Progress.
In 2017, Donald Trump and Congressional Republicans cut the corporate tax rate from 35 percent to 21 percent. Project 2025 calls for bringing down that rate even further to 18 percent, amounting to a $24 billion tax cut for Fortune 100 companies. That includes a $1.3 billion tax cut for the country’s five largest oil companies, a $1.6 billion tax cut for the five largest drug makers, and a $2.1 billion tax cut for the five largest Wall Street banks.
How would even more tax cuts for the wealthy and corporations affect the country’s growing wealth inequality?
Guests:
Brendan Duke, senior director of Economic Policy for the Center For American Progress
Monique Morrissey, senior economist for the Economic Policy Institute
Resources:
Center for American Progress: Project 2025’s Tax Plan Would Raise Taxes on the Middle Class and Cut Taxes for the Wealthy
EPI Action: A Republican takeover would benefit billionaires, not you
Mother Jones: This Little-Noticed Project 2025 Provision Could Supercharge Wealth Inequality
