While everyone is talking about the Heritage Foundations Project 2025, it is valuable to read the section on Tax Policy in Section 4, The Economy about the Department of Treasury which starts here:
INTRODUCTION
The U.S. Treasury Department has a broad regulatory and policy reach. The next Administration should make major policy changes to:
(1) reduce regulatory impediments to economic growth that reduce living standards and endanger prosperity;
(2) reduce regulatory compliance costs that increase prices and cost jobs;
(3) promote fiscal responsibility;
(4) promote the international competitiveness of U.S. businesses; and
(5) better respect the American people’s due process and privacy rights.
These goals should be accomplished through: executive action (primarily treasury orders and treasury directives) and departmental reorganization; rulemakings; promoting constructive policies in Congress; actions in international organizations; and treaties.
The primary subject matter focus of the incoming Administration’s Treasury Department should be:
– Tax policy and tax administration;
– Fiscal responsibility;
– Improved financial regulation;
– Addressing the economic and financial aspects of the geopolitical threat posed by China and other hostile countries;
– Reform of the anti-money laundering and beneficial ownership reporting systems;
– Reversal of the racist “equity” agenda of the Biden Administration; and
– Reversal of the economically destructive and in elective climate-related financial-risk agenda of the Biden Administration.
BIDEN ADMINISTRATION TREASURY DEPARTMENT
The Biden Administration Treasury Department has failed badly in achieving every one of the agency’s core objectives. The financial affairs of the nation have seldom been in worse condition, with the national debt expanding by more than $4 trillion in Biden’s first two years in o”ce. No President in modern times—perhaps ever—has been more fiscally reckless than has the Biden Administration.
The soundness and stability of U.S. currency, the dollar, has been put at risk because of the worst inflation in four decades. American families have been made poorer by Biden’s economic strategy of taxing, spending, borrowing, regulating, and printing money. The average family has seen real annual earnings fall about $6,000 during the Biden Administration.
1 In 2022, the average American’s 401(k) plan dropped in value from $130,700 to $103,900—more than 20 percent. 2 Why has the Biden Administration failed to achieve virtually all components of its mission?
Under the leadership of Treasury Secretary Janet Yellen, the department has made “equity” and “climate change” among its top five priorities. The next Administration must act decisively to curtail activities that fall outside Treasury’s mandate and primary mission. Treasury must refocus on its core missions of promoting economic growth, prosperity, and economic stability.
For a clear statement of Treasury’s mission drift, one need look no further than Secretary Yellen’s introduction in the Treasury Department’s Fiscal Year
2022–2026 Strategic Plan:
We will have to address the structural problems that have plagued our economy for decades: the decline in labor force participation, income and racial inequality, and serious underinvestment in crucial public goods like childcare, education, and physical infrastructure. And then there are rising challenges, like climate change, which, left unchecked, will undermine every aspect of our economy from supply chains to the financial system.3
Treasury’s mission drift into a “woke” agenda, is exemplified in a comparison of Domestic Finance’s changed responsibilities from 2015 to 2023:
Read Full Section of Project 2025 On The Treasury here: https://static.project2025.org/2025_MandateForLeadership_CHAPTER-22.pdf
Tax Professionals: Your commentary below is greatly appreciated.
