Unsurprisingly, Trump's Project 2025 would shift money from the middle and lower classes to the wealthy. We've been stuck in this cycle since Ronald Reagan was in office, and Trump would only bring more of the same. In contrast, President Biden took wealthy tax cheats to task, and Trump is a tax cheat, too.
Media Matters reports that MSNBC economic analyst Steve Rattner explained to Joe Scarborough how devastating Project 2025 would be for the economy.
"Look, taxes are obviously perhaps issue number one on the minds of many Americans, and Project '25 is very clear about what it wants to do," Rattner said. "It essentially wants to restructure our tax system into only two tax brackets: 15% for the lowest-earning, less than the Social Security maximum, which is, I think, about $166,000 a year, and 30% for those earning above. But that would radically change how much different Americans pay."
"It would actually increase the amount that people making less than $150,000, less than that cutoff, pay $1,000, $2,000, $2,500," he continued. "They would pay more taxes, but people above, the wealthy, would pay dramatically less taxes. If you earn $400,000 a year, you would get a tax cut of about $14,000. So, an extraordinary shift in the tax burden away from the wealthy and toward the less wealthy."
Scarborough weighed in to ask if Project 2025 would increase the burden on people with student loans.
