Not sure how accurate this breakdown is...
https://www.cbsnews.com/news/project-2025-tax-trump-economy-heritage-foundation-how-it-works/A shift to two brackets
The tax proposals of Project 2025, if enacted, would likely affect every adult in the U.S. by tossing out the nation's long-standing system of multiple tax brackets, which is designed to help lower-income Americans pay a smaller share of their income in federal taxes compared with middle- or high-income workers.
Currently, there are seven tax brackets 10%, 12%, 22%, 24%, 32%, 35% and 37% with each based on income thresholds. For instance, a married couple pays 10% in federal income tax on their first $23,200 of income, and then 12% on earnings from $23,201 to $94,300, and so on. Married couples need to earn over $487,450 this year to hit the top tax rate of 37%.
Project 2025 argues that the current tax system is too complicated and expensive for taxpayers to navigate. To remedy those problems, it proposes just two tax rates: a 15% flat tax for people earning up to about $168,000, and a 30% income tax for people earning above that, according to the document. It also proposes eliminating "most deductions, credits and exclusions," although the blueprint doesn't specify which ones would go and which would stay.
Project 2025's tax rates
Millions of low- and middle-class households would likely face significantly higher taxes under the Project 2025's proposals.
He estimated that a middle-class family with two children and an annual income of $100,000 would pay $2,600 in additional federal income tax if they faced a 15% flat tax on their income due to the loss of the 10% and 12% tax brackets. If the Child Tax Credit were also eliminated, they would pay an additional $6,600 compared with today's tax system, Duke said.
By comparison, a married couple with two children and earnings of $5 million a year would enjoy a $325,000 tax cut, he estimated.
"That 15% bracket is a very big deal in terms of raising taxes on middle-class families," Duke said.
Millions of U.S. households earning less than $168,000 would likely face higher taxes with a 15% rate. Currently, the bottom half of American taxpayers, who earn less than $46,000 a year, pay an effective tax rate of 3.3% which reflects their income taxes after deductions, tax credits and other benefits.
