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If implemented, this political agenda could haveenormous ramifications for a slew of consumer issues, including taxes.
I have no idea who is behind it.
At least 140 people who worked in the Trump administration had a hand in Project 2025.
GOBankingRates reached out to The Heritage Foundation officials, who declined to comment.
How Would Project 2025 Impact Taxes?
The project would make a number of changes affecting how individuals and businesses are taxed.
Simplify Taxes
First, it aims to simplify taxes.
He said that simplifying the tax code is a game-changer.
By making tax filing more straightforward, we reduce the burden onindividuals and businessesalike, said Thomspon.
This not only cuts down on compliance costs but also encourages entrepreneurship and investment.
A simpler tax system means fewer headaches and more focus on growth and innovation.
Patrick Gruhn, former Europe head of FTX and founder ofPerpetuals.com, has a more nuanced view about it.
Eliminate Deductions and Credits
The simplified tax code would also eliminate most deductions, credits and exclusions.
Its a move towardtransparency and fairness, aligning with conservative values of equality and simplicity, he added.
According to Thompson, lowering corporate tax rates will make the U.S. more competitive on the global stage.
This policy will attract businesses back to our shores, creating jobs and boosting local economies, he said.
The benefits of arobust corporate sectorwill trickle down, improving wages and opportunities for American workers.
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