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How Project 2025 could impact your taxes under a second Trump term

How Project 2025 could impact your taxes under a second Trump term

Republican presidential nominee and former U.S. President Donald Trump applauds on Day 2 of the Republican National Convention (RNC), at the Fiserv Forum in Milwaukee, Wisconsin, U.S., July 16, 2024.

Elizabeth Frantz | Reuters

As former President Donald Trump secures the Republican presidential nomination, both political parties are eyeing Project 2025, a multi-pronged policy plan created by conservative think tank The Heritage Foundation as a collective effort with more than 100 other right-leaning organizations.

If enacted, the plan could overhaul the U.S. income tax system and revamp the IRS, among other changes.

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The roughly 900-page “Mandate for Leadership” calls for sweeping changes to the federal government and policy recommendations for the next administration. The Heritage Foundation launched the project in 2022 and published the policy collection in April 2023.

President Joe Biden and Democrats have framed the initiative as a preview of a second term from Trump. On a website dedicated to Project 2025, the Biden campaign describes the plan as a “blueprint for Trump.”

Meanwhile, Trump has made statements to distance himself from the mandate.

“I know nothing about Project 2025. I have not seen it, have no idea who is in charge of it, and, unlike our very well received Republican Platform, had nothing to do with it,” Trump wrote on July 11 in a Truth Social post.

However, several former Trump officials have been directly affiliated with Project 2025 and Trump praised the Heritage Foundation in April 2022 in a recently resurfaced video.

“As President Trump said, he has nothing to do with Project 2025,” said Steven Cheung, a spokesman for the Trump campaign. “The only official policy approved by President Trump is the GOP Party Platform found on his website.”

A spokesperson for the Heritage Foundation said the organization was unable to provide a statement. Earlier this month, the group told CNBC: “As we’ve been saying for more than two years now, Project 2025 does not speak for any candidate or campaign. We are a coalition of more than 110 conservative groups advocating policy and personnel recommendations for the next conservative president.”

“But it is ultimately up to that president, who…

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