Get unlimited access.
to absolutely everything:
the (exam) results speak for themselves:
Did this page help you?
Danielle is an experienced Business and Economics teacher who has taught GCSE, A-Level, BTEC and IB for 15 years. Danielle's career has taken her from across various parts of the UK including Liverpool and Yorkshire, along with teaching at a renowned international school in Dubai for 3 years. Danielle loves to engage students with real life examples and creative resources which allow students to put topics in a context they understand.
Watch CBS News
By Aimee Picchi
Edited By Anne Marie Lee
Updated on: July 12, 2024 / 1:42 PM EDT / CBS News
Project 2025, a 900-page blueprint for the next Republican president, is gaining attention for its proposals to overhaul the federal government. Among those changes: a major restructuring of the U.S. tax code.
President Biden and Democrats have been citing Project 2025 in recent weeks as they seek to highlight what could be in store if former President Donald Trump wins at the polls in November and retakes the White House in January. Many of the blueprint's proposals touch on economic matters that could impact millions of Americans, as well as social issues such as abortion and diversity, equity and inclusion, or DEI, topics.
Project 2025 , overseen by the conservative Heritage Foundation, is spearheaded by two ex-Trump administration officials: project director Paul Dans, who was chief of staff at the Office of Personnel Management, and Spencer Chretien, former special assistant to Trump who is now the project's associate director.
For his part, Trump has distanced himself from the blueprint, writing on Truth Social early Thursday that he isn't familiar with the plan. His campaign has proposed its own goals through " Agenda 47 ," which tends to focus on social and political issues such as homelessness and immigration rather than taxes.
"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 Thursday.
His pushback comes after Heritage Foundation President Kevin Roberts opined in a podcast interview that the U.S. is "in the process of the second American Revolution, which will remain bloodless if the left allows it to be."
According to Project 2025's website, its goal is to have "a governing agenda and the right people in place, ready to carry this agenda out on day one of the next conservative administration."
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.
"The federal income tax system is progressive, and people who make more money pay a higher marginal tax rate than people who make less money," Brendan Duke, senior director for economic policy at the left-leaning Center for American Progress, told CBS MoneyWatch. "Conservatives look at that, and they feel that that's unfair to the wealthy to ask them to pay a greater share of their income in taxes than lower income families."
The Project 2025 proposal "is a dramatic reform of how we fund our government, where we ask the wealthy to pitch in more than lower income families," he said. "This shifts taxes from the wealthy to the middle class, full stop."
Project 2025 didn't immediately respond to a request for comment.
In a statement, the Heritage Foundation said it will ultimately be up to the next conservative president do decide which recommendations to implement, adding "As we've been saying for more than two years now, Project 2025 does not speak for any candidate or campaign."
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.
Among other tax and economic changes proposed by Project 2025:
To be sure, overhauling the tax system would require lawmakers to approve changes to the tax code, which could be difficult if either the House or Senate is controlled by the opposing party. For instance, Trump was able to get his Tax Cuts and Jobs Act passed by a Republican-led Congress, even though no Democrats voted in support of the measure.
Trump hasn't yet proposed any concrete tax plans, but analysts expect that he would seek to extend the tax cuts enacted through the TCJA if he is reelected. Currently, many of the provisions of the TCJA, including lower tax brackets, are set to expire at the end of 2025.
One likely scenario if Trump is reelected is that Republican lawmakers would extend the TJCA's tax cuts, while seeking to fund the reduction in tax revenue by repealing some of the clean energy and climate-related provisions in the Biden administration's Inflation Reduction Act, according to an April report from Oxford Economics. Lawmakers could also seek to cut spending on social benefits to offset the tax cuts, the research firm added.
Trump has suggested a proposal to create a 10% tariff for all imports and a 60% tariff for Chinese imports that could raise enough money to eliminate the federal income tax.
Tax experts also say the math doesn't work out because money raised from new tariffs would fall far short of replacing the more than $2 trillion in individual income taxes collected by the IRS each year. Consumers are also likely to pay more in higher costs for imported consumer goods and services with tariffs tacked onto them, experts note.
"A tariff is a consumption tax, and there is a throughline between [Project 2025's] tax reform and what Trump has talked about, getting rid of taxes in favor of a consumption tax," Duke noted.
Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.
A crucial step in ensuring the long-term success of any business is having an effective onboarding process that helps new employees integrate smoothly into the company.
A well-designed onboarding plan not only reduces turnover but also increases productivity and engagement among new hires. In this featured post, we will explore the essential elements that make up a successful new employee onboarding plan.
One of the most critical aspects of a successful new employee onboarding plan is clear communication between the employer and the new employee. Providing comprehensive information about job expectations, company policies, and work processes right from the beginning will set newcomers up for success. It’s essential to establish open lines of communication, offering opportunities for employees to ask questions and seek clarifications regarding their role and responsibilities.
New employees need to receive proper training to understand their role within the organization fully. The onboarding process should include training sessions that cover both technical tasks specific to their position as well as broader skills necessary for professional growth.
Implementing a buddy or mentoring system can greatly enhance the onboarding experience for new employees. By pairing them up with experienced colleagues, they have someone they can rely on for guidance and support, assisting them in navigating through day-to-day challenges. This personal connection not only facilitates knowledge transfer but also boosts morale by fostering relationships between existing team members and newcomers.
To ensure that new hires can hit the ground running, it’s crucial to provide them with easy access to all necessary resources from day one. Whether it’s providing logins for digital platforms, access to necessary software tools, or even physical resources such as stationery or office equipment – eliminating barriers will help new employees settle in faster and start contributing more quickly.
Feeling like a part of the team is vital for new employees, as it enables them to build relationships with their colleagues and fosters a sense of belonging. Incorporating social integration activities into the onboarding process facilitates team bonding and allows new hires to interact within an informal setting. This can include team lunches, coffee breaks , or even after-work activities.
Onboarding doesn’t end once the introductory period is over. It’s essential for employers to provide ongoing support and feedback to new employees, fostering an environment of continuous growth and improvement. Regular check-ins with managers help address any concerns or challenges faced by newcomers and ensure they receive the necessary guidance to thrive within the company.
Assessing the effectiveness of your onboarding process is crucial to making improvements for future hires. Take time to gather feedback from recently onboarded employees about their experience. This information will enable you to identify potential areas for improvement, refine your onboarding plan, and tailor it to better suit the needs of future hires.
Introducing new employees to the company culture is vital in helping them understand the values, mission, and overall work environment they are entering. This can be done through interactive sessions, presentations, or even by sharing success stories that exemplify the company’s core beliefs.
To ensure a successful onboarding experience, it’s crucial to align the goals of the new employee with those of the organization. This includes clearly communicating expectations regarding performance metrics, key deliverables, and career progression opportunities. By setting aligned objectives from the beginning, new hires can better understand what success looks like in their role.
Acknowledging and celebrating milestones reached by new employees during their onboarding journey contributes significantly to their motivation and engagement. Whether it’s recognizing completion of training modules or marking their first successful project – publicly acknowledging achievements creates a positive work environment that encourages continued growth and fosters loyalty among newcomers.
An effective employee onboarding plan sets the foundation for success in any organization by enabling new employees to transition seamlessly into their roles while feeling supported and valued along the way. By implementing clear communication channels, providing comprehensive training, facilitating social integration opportunities, and offering ongoing support, businesses can establish a positive work environment that helps retain top talent and encourages long-term engagement.
Remember, prioritizing an efficient onboarding process means investing in the growth and success of both individual employees and your organization as a whole!
Top software for mastering pay-per-call marketing, best product research tools for 2024, mastering vat returns in the uae: a complete guide for businesses, the daily newsletter - signup.
Email address:
Is it connected to the trump campaign, what are the project's main proposals, does trump agree with the project's proposals, why is project 2025 such a big deal at the moment.
Sign up here.
Reporting by Gram Slattery, editing by Ross Colvin and Rosalba O'Brien
Our Standards: The Thomson Reuters Trust Principles. , opens new tab
Thomson Reuters
Washington-based correspondent covering campaigns and Congress. Previously posted in Rio de Janeiro, Sao Paulo and Santiago, Chile, and has reported extensively throughout Latin America. Co-winner of the 2021 Reuters Journalist of the Year Award in the business coverage category for a series on corruption and fraud in the oil industry. He was born in Massachusetts and graduated from Harvard College.
The Philippines is looking to forge reciprocal troops access agreements with Canada, France, New Zealand, and other countries, the defence minister said on Monday.
IMAGES
VIDEO
COMMENTS
A business plan is a document produced by the owner at start-up, which provides forecasts of items such as:. The business idea (sub-topic 1.1.1)The business aims and objectives (sub-topic 1.3.1)The target market (sub-topic 1.2.2)The forecast revenues, costs and profits (sub-topic 1.3.2)The cash-flow forecast (sub-topic 1.3.5)The sources of finance (sub-topic 1.3.6)
Business plans provide parameters for setting targets. Management can check staffing, incomes, product ranges and lots of other things against previous business plans and expansion plans. A business plan can be used as a benchmark against outcomes like cashflow, production outcomes or service delivery. The plan can also be compared to the ...
Common elements of a business plan. Most high street banks can provide a detailed template for business owners to complete when applying for finance. A business plan should be a regularly-updated working document. As the business grows, plans are likely to change as it faces new threats and opportunities. Key Elements in a Business Plan
Business Plans Explained - GCSE and A Level Business Revision đ This video explains what a business plan is, includes the contents of a business plan as we...
The purpose of a business plan. Business plans are used for a variety of different reasons and the importance of these should not be underestimated. Creating a plan that is precise and includes information that is relevant to the new or existing business will ensure that ideas are implemented quickly. Without a solid business plan it will be ...
A business plan should be a regularly-updated working document. As the business grows, plans are likely to change as it faces new threats and opportunities. Key Elements in a Business Plan. Element. Explanation. Executive summary. This section provides an overview of the business idea, its unique selling proposition, financial projections and ...
Edexcel GCSE Business - Theme 1 - 1.4 Making the business effective. This 6 lesson bundle covers: 1.4.1 The options for start-up and small businesses - 2 lessons 1.4.2 Business location 1.4.3 The marketing mix - 2 lessons 1.4.4 Business plans Filled with real life examples, case studies, questions and modelled answers to improve exam practice ...
The lesson outlines all the specification points of Business Plans within the GCSE (9-1) Edexcel Business Studies course (useful for other exam boards too) This lesson teaches the following content: The role and importance of a business plan: to identify:the business idea; business aims and objectives; target market (market research); forecast ...
A business plan is a written document that describes a business, its objectives, its strategies, the market it is in and its financial forecasts. The business plan has many functions, from securing external funding to measuring success within the business. Benefits of business planning to a start-up. The main reasons why a start-up should ...
Here are some of the components of an effective business plan. 1. Executive Summary. One of the key elements of a business plan is the executive summary. Write the executive summary as part of the concluding topics in the business plan. Creating an executive summary with all the facts and information available is easier.
Business plan. A detailed description of a new or existing business, including the companies strategy, aims and objectives, marketing & financial plan.
Study tools. Subjects. Create
The simple business plan is rarely shown to outsiders of the business. It is written by the entrepreneur, for the entrepreneur. The simple plan helps summarise the key aims and targets of the business and the actions required to make the business a reality. It is likely to be written in quite an informal way. What would go into the simple plan?
The interactive video introduces students to business plans and their importance for a successful venture. The video follows the journey of Finley Thomas, an entrepreneur who wants to open a local shop, as he creates a business plan. Important sections of a business plan, such as the business idea, people, aims and objectives, market research ...
pptx, 8 MB. docx, 1.22 MB. AQA GCSE Business 3.1.6 Business Planning. This lesson includes a worksheet and a PowerPoint which covers these topics: Students should be able to: understand the reasons why businesses create plans. understand the main sections of a business plan. analyse the benefits and drawbacks of business planning.
Understand the factors influencing business location. Learn about the marketing mix and how elements of this mix work together. Understand the role and importance of a business plan. Retrieval through lesson tasks. End of Topic Assessment. Summative assessments based on topics covered. Theme 1 1.5 Understanding external influences on a business
Business Activity GCSE Business The Business Plan Definition: Helps in decision-making by showing the aims and objectives of a business and the strategies and requirements needed to achieve these. It also provides information to banks and other possible providers of finance to persuade these to grant loans and other monies to the business.
1.4.4 Business Plans GCSE Business Studies. In this informative PowerPoint Presentation I cover: location; marketing mix. The role and importance of a business plan in minimising risk and obtaining finance. I have also attached a business plan activity sheet which can be used with students to remember the key points and understand how to ...
There are eight essential components, all of which are detailed in this handy guide. 1. Executive Summary. The executive summary opens your business plan, but it's the section you'll write last. It summarizes the key points and highlights the most important aspects of your plan.
The main elements included in a business plan, ... Danielle is an experienced Business and Economics teacher who has taught GCSE, A-Level, BTEC and IB for 15 years. Danielle's career has taken her from across various parts of the UK including Liverpool and Yorkshire, along with teaching at a renowned international school in Dubai for 3 years. ...
How Project 2025 would impact the U.S. tax code 04:18. Project 2025, a 900-page blueprint for the next Republican president, is gaining attention for its proposals to overhaul the federal government.
A well-designed onboarding plan not only reduces turnover but also increases productivity and engagement among new hires. In this featured post, we will explore the essential elements that make up ...
The Neshaminy Mall's new owners plan to demolish about half of the property and redevelop the site with a mix of uses that will complement the remaining retail.
Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.