Heritage Foundation's
Project 2025

Chapter 22 - Department of Treasury

• Reduce regulatory impediments to economic growth
• Reduce regulatory compliance costs
• Promote fiscal responsibility
• Promote international competitiveness of U.S. businesses
• Better respect due process and privacy rights
• Focus on tax policy, tax administration, fiscal responsibility, improved financial regulation
• Address economic and financial aspects of geopolitical threats from China and other hostile countries
• Reform anti-money laundering and beneficial ownership reporting systems
• Reverse the Biden Administration's "equity" agenda
• Reverse climate-related financial risk policies
• Implement a two-rate individual tax system (15% and 30%)
• Reduce corporate income tax rate to 18%
• Tax capital gains and qualified dividends at 15%
• Allow immediate expensing for capital expenditures
• Index capital gains taxes for inflation
• Repeal all tax increases from the Inflation Reduction Act
• Repeal green energy subsidies in the tax code
• Create Universal Savings Accounts with tax-free withdrawals
• Increase business loss limitation to at least $500,000
• Allow full carry forward of net operating losses
• Reduce or eliminate net investment income surtax and base erosion anti-abuse tax
• Reduce estate and gift tax to no higher than 20%
• Make the increased estate tax exemption permanent
• Reduce tax on global intangible low-taxed income to no higher than 12.5%
• Permanently repeal various tax deductions and exemptions
• Fully repeal the state and local tax deduction
• Cap untaxed employee benefits at $12,000 per year
• Implement fundamental tax reform, potentially moving to a consumption-based system
• Institute a three-fifths vote threshold to raise taxes
• Withdraw from the Organization for Economic Co-operation and Development (OECD)
• Increase the number of presidential appointments at the IRS
• Overhaul IRS information technology systems
• Strengthen the Office of the Taxpayer Advocate
• Review and reduce information reporting requirements
• Hold the IRS operating budget constant in real terms
• Withdraw from the Protocol Amending the Convention on Mutual Administrative Assistance in Tax Matters
• Withdraw from the World Bank and IMF
• Issue longer duration bonds to lock in low interest rates
• Send Americans an annual financial statement of the U.S. government
• Increase U.S. influence in international financial institutions
• Reform the Committee on Foreign Investment in the United States (CFIUS)
• Create a school of financial warfare jointly with the Department of Defense
• Evaluate U.S. foreign direct investment in China
• Merge various financial regulatory agencies
• Repeal Titles I, II, and VIII of the Dodd-Frank Act
• End conservatorships and move towards privatization of Fannie Mae and Freddie Mac
• Repeal the Corporate Transparency Act
• Withdraw the FinCEN beneficial ownership reporting rule
• Eliminate Treasury's offices and initiatives focused on racial equity
• Eliminate the Climate Hub office
• Withdraw from UN Framework Convention on Climate Change and Paris Agreement
• Promote investment in domestic energy, including oil and gas
• Reverse support for Environmental, Social, and Governance (ESG) initiatives
• Consider returning the U.S. Coast Guard and Bureau of Alcohol, Tobacco, Firearms and Explosives to Treasury
• Eliminate the U.S. Trade and Development Agency