Project 2025 Tracker / What’s done, what’s next

Section 4 · The Economy

22 Department of the Treasury

691–716 · David R. Burton , Stephen Moore , William L. Walton

  • 4 done
  • 19 partially done
  • 7 attempted
  • 55 not started

Major recommendations (13)

What has happened

The Mandate said

“Congress should repeal the Corporate Transparency Act, and FinCEN should withdraw its poorly written and overbroad beneficial ownership reporting rule.”

What happened

Partially done

FinCEN's final rule made the rollback permanent, exempted U.S. persons holding FinCEN IDs from updating their information, dropped the company-applicant requirement for foreign companies, and committed FinCEN to deleting beneficial ownership information it believes belongs to U.S. persons. Foreign reporting companies must still report foreign beneficial owners, and Congress has not repealed the Corporate Transparency Act — the statute remains in force.

The Mandate said

“The Inflation Reduction Act contains a radical $80 billion expansion of the IRS—enough to double the size of its workforce. Unless Congress reverses this policy, the IRS will become much more intrusive and impose still greater costs on the American people.”

What happened

Partially done

Section 528 of the FY2026 Consolidated Appropriations Act (Public Law 119-75) rescinded $11,661,000,000 of the unobligated balances of the Inflation Reduction Act's IRS enforcement account, section 10301(1)(A)(iii) of Public Law 117-169 — the largest single reversal of the $80 billion expansion inside the tracking window. Division E of the same act funds the IRS through annual appropriations at $3.04 billion for taxpayer services, $4.999 billion for enforcement and $3.16 billion for technology and operations support. The Inflation Reduction Act appropriation is reduced, not repealed.

The Mandate said

“To that end, the next conservative Administration should withdraw the U.S. from the U.N. Framework Convention on Climate Change and the Paris Agreement.”

What happened

Partially done

The U.S. withdrawal from the Paris Agreement took effect on 2026-01-27, one year after the depositary received the notice (U.N. depositary notification C.N.71.2025, 2025-01-27; Paris Agreement Article 28). Half the ask is delivered. The Framework Convention itself — the treaty the Senate ratified in 1992 — is still one the United States is party to; withdrawal from it was directed on 2026-01-07 but no allowlisted source shows a notice deposited or an effective date.

The Mandate said

“To that end, the next conservative Administration should withdraw the U.S. from the U.N. Framework Convention on Climate Change and the Paris Agreement.”

What happened

Attempted

After the review ordered by EO 14199, a Presidential Memorandum directed every executive department and agency to effectuate withdrawal from 66 international organizations, and listed the U.N. Framework Convention on Climate Change itself among the 31 U.N. entities. For U.N. entities the memorandum defines withdrawal as ceasing participation and funding 'to the extent permitted by law'; the Convention is a ratified treaty and Article 25 withdrawal takes effect a year after notice, so nothing had yet changed on this date.

The Mandate said

“The next Administration should also push for legislation to fully repeal recently passed subsidies in the tax code, including the dozens of credits and tax breaks for green energy companies in Subtitle D of the Inflation Reduction Act.”

What happened

Partially done

Executive Order 14315 directed the Treasury Secretary to enforce the new terminations strictly, including tightening the 'beginning of construction' test for the section 45Y and 48E credits and the prohibited-foreign-entity rules — an implementing step on the credits Congress did not repeal outright.

Still to come

Executive action 20

  1. 706 End the Fannie Mae and Freddie Mac conservatorships and privatize them Major Not started
  2. 701 Withdraw the tax-assistance protocol from Senate consideration Notable Not started
  3. 701 Oppose the Competent Authority Agreement on Automatic Exchange of Information Notable Not started
  4. 702 Issue longer-duration bonds, including a 50-year Treasury bill Notable Not started
  5. 703 Publish a CFIUS penalty schedule for reporting and mitigation violations Notable Not started
  6. 706 Privatize the Common Securitization Platform Notable Not started
  7. 708 Make DEI participation grounds for termination at Treasury Notable Not started
  8. 700 Review and implement the IRS Integrated Modernization Business Plan Minor Not started
  9. 700 Establish a private-sector IT oversight board for the IRS Minor Not started
  10. 702 Make balancing the federal budget a mission-critical Treasury objective Minor Not started
  11. 702 Send every American an annual federal financial statement with their share of the debt Minor Not started
  12. 702 Place a large new cadre of U.S. professionals in international financial institutions Minor Not started
  13. 703 Adjust U.S. ownership levels in international financial institutions for leverage Minor Not started
  14. 703 Create a transparent CFIUS mitigation monitoring program Minor Not started
  15. 704 Create a school of financial warfare jointly with the Defense Department Minor Not started

and 5 more →

Needs Congress 35

  1. 696 Enact a two-rate individual income tax of 15 and 30 percent Major Not started
  2. 696 Cut the corporate income tax rate to 18 percent Major Not started
  3. 696 Repeal all Inflation Reduction Act tax increases Major Not started
  4. 698 Withdraw from the OECD and end U.S. funding for it Major Not started
  5. 702 Withdraw from the World Bank and the IMF and end U.S. contributions Major Not started
  6. 705 Merge the OCC, FDIC, NCUA, and the Fed's supervisory functions Major Not started
  7. 705 Repeal Titles I, II, and VIII of the Dodd–Frank Act Major Not started
  8. 710 Eliminate the U.S. Trade and Development Agency Major Not started
  9. 696 Tax capital gains and qualified dividends at 15 percent Notable Not started
  10. 696 Index capital gains taxes for inflation Notable Not started
  11. 696 Create Universal Savings Accounts with $15,000 annual contributions Notable Not started
  12. 697 Eliminate the net investment income surtax and the base erosion anti-abuse tax Notable Not started
  13. 697 Cut the estate and gift tax rate to no higher than 20 percent Notable Not started
  14. 697 Fully repeal the individual state and local tax deduction Notable Not started
  15. 697 Cap deductible untaxed employee benefits at $12,000 per employee per year Notable Not started

and 20 more →

All recommendations in this chapter

Every recommendation this chapter is the home of, in printed-page order.

  1. 696 Enact a two-rate individual income tax of 15 and 30 percent Needs Congress Not started
  2. 696 Cut the corporate income tax rate to 18 percent Needs Congress Not started
  3. 696 Tax capital gains and qualified dividends at 15 percent Needs Congress Not started
  4. 696 Allow immediate expensing for capital expenditures Needs Congress Partially done
  5. 696 Index capital gains taxes for inflation Needs Congress Not started
  6. 696 Repeal all Inflation Reduction Act tax increases Needs Congress Not started
  7. 696 Repeal the Inflation Reduction Act's green energy tax credits Needs Congress Partially done
  8. 696 Create Universal Savings Accounts with $15,000 annual contributions Needs Congress Not started
  9. 697 Raise the business loss limitation to at least $500,000 Needs Congress Not started
  10. 697 Allow businesses to fully carry forward net operating losses Needs Congress Not started
  11. 697 Eliminate the net investment income surtax and the base erosion anti-abuse tax Needs Congress Not started
  12. 697 Cut the estate and gift tax rate to no higher than 20 percent Needs Congress Not started
  13. 697 Make the 2017 estate tax exemption increase permanent Needs Congress Done
  14. 697 Cut the GILTI tax rate to no higher than 12.5 percent Needs Congress Partially done
  15. 697 Permanently repeal non-business deductions suspended by the 2017 tax bill Needs Congress Done
  16. 697 Fully repeal the individual state and local tax deduction Needs Congress Not started
  17. 697 Repeal deductions for educational expenses Needs Congress Not started
  18. 697 Eliminate special business tax preferences such as the 179D building deduction Needs Congress Partially done
  19. 697 Cap deductible untaxed employee benefits at $12,000 per employee per year Needs Congress Not started
  20. 697 Deny employer benefit deductions for dependents aged 23 or older Needs Congress Not started
  21. 698 Replace the income tax with a consumption tax Needs Congress Not started
  22. 698 Require a three-fifths supermajority in Congress to raise tax rates Needs Congress Not started
  23. 698 Reject the global minimum corporate tax and international tax harmonization Partially done
  24. 698 Withdraw from the OECD and end U.S. funding for it Needs Congress Not started
  25. 699 Reverse the Inflation Reduction Act's $80 billion IRS expansion Needs Congress Partially done
  26. 699 Oppose the comprehensive financial account information reporting regime Partially done
  27. 699 Make seven senior IRS leadership positions presidential appointments Needs Congress Not started
  28. 699 Appoint an IRS Deputy Commissioner for Operations Support with IT expertise Partially done
  29. 699 Replace the subordinates to the IRS Deputy Commissioner for Operations Support Partially done
  30. 700 Conduct a thorough review of IRS information technology contracts Partially done
  31. 700 Review and implement the IRS Integrated Modernization Business Plan Not started
  32. 700 Establish a private-sector IT oversight board for the IRS Not started
  33. 700 Equalize interest rates on tax overpayments and underpayments Needs Congress Not started
  34. 700 Extend the time limit for taxpayers to sue over improper collection actions Needs Congress Not started
  35. 700 Expand the jurisdiction of the Tax Court Needs Congress Attempted
  36. 700 Reform the tax penalty system and reduce the most punitive penalties Needs Congress Not started
  37. 700 Let the National Taxpayer Advocate make its own personnel decisions Needs Congress Attempted
  38. 700 Guarantee National Taxpayer Advocate access to IRS files and meetings Needs Congress Not started
  39. 700 Require the IRS to address National Taxpayer Advocate comments in final rules Needs Congress Not started
  40. 700 Authorize the National Taxpayer Advocate to file amicus briefs independently Needs Congress Not started
  41. 701 Review the information reporting regime and reduce its burden on the public Needs Congress Partially done
  42. 701 Hold the IRS operating budget constant in real terms Needs Congress Partially done
  43. 701 Increase Taxpayer Advocate funding by at least 20 percent Needs Congress Not started
  44. 701 Close the IRS Office of Equity, Diversity, and Inclusion Done
  45. 701 Withdraw the tax-assistance protocol from Senate consideration Not started
  46. 701 Oppose the Competent Authority Agreement on Automatic Exchange of Information Not started
  47. 702 Withdraw from the World Bank and the IMF and end U.S. contributions Needs Congress Not started
  48. 702 Deliver foreign economic and humanitarian aid unilaterally, not through intermediaries Attempted
  49. 702 Make balancing the federal budget a mission-critical Treasury objective Not started
  50. 702 Issue longer-duration bonds, including a 50-year Treasury bill Not started
  51. 702 Send every American an annual federal financial statement with their share of the debt Not started
  52. 702 Zero out or exit international financial institutions counter to U.S. interests Partially done
  53. 702 Place a large new cadre of U.S. professionals in international financial institutions Not started
  54. 703 Adjust U.S. ownership levels in international financial institutions for leverage Not started
  55. 703 Realign CFIUS priorities to counter the threat from China Attempted
  56. 703 Create a transparent CFIUS mitigation monitoring program Not started
  57. 703 Publish a CFIUS penalty schedule for reporting and mitigation violations Not started
  58. 704 Make the Department of Defense a co-chair of CFIUS Needs Congress Not started
  59. 704 Require CFIUS review of Chinese greenfield investments Attempted
  60. 704 Create a school of financial warfare jointly with the Defense Department Not started
  61. 705 Restrict and require reporting of U.S. foreign direct investment in China Attempted
  62. 705 Merge the OCC, FDIC, NCUA, and the Fed's supervisory functions Needs Congress Not started
  63. 705 Create new financial firm charters trading activity limits for higher equity standards Needs Congress Not started
  64. 705 Repeal Titles I, II, and VIII of the Dodd–Frank Act Needs Congress Not started
  65. 706 End the Fannie Mae and Freddie Mac conservatorships and privatize them Not started
  66. 706 Wind down Fannie Mae and Freddie Mac in an orderly manner Needs Congress Not started
  67. 706 Privatize the Common Securitization Platform Not started
  68. 706 Right-size the missions of the FHA and Ginnie Mae Needs Congress Not started
  69. 707 Require FinCEN to publish annual anti-money-laundering data Needs Congress Attempted
  70. 707 Require FinCEN and GAO evaluations of the AML-CFT regime's effectiveness Needs Congress Not started
  71. 707 Require a FinCEN retrospective review of its regulations reported to Congress Not started
  72. 707 Repeal the Corporate Transparency Act Needs Congress Partially done
  73. 707 Withdraw FinCEN's beneficial ownership reporting rule Partially done
  74. 708 Eliminate Treasury's racial equity counselor, committee, and DEIA office Partially done
  75. 708 Identify and interview every Treasury official who participated in DEI initiatives Not started
  76. 708 Publish all communications about Treasury's critical race theory and DEI work Not started
  77. 708 Make DEI participation grounds for termination at Treasury Not started
  78. 708 Publish all Treasury training materials that single out race, ethnicity, or sex Not started
  79. 708 Eliminate the Treasury Advisory Committee on Racial Equity Done
  80. 709 Eliminate Treasury's Climate Hub Office Partially done
  81. 709 Withdraw from the UN Framework Convention on Climate Change and Paris Agreement Partially done
  82. 709 Use Treasury authority to promote investment in domestic oil and gas Not started
  83. 709 Reverse U.S. support for ESG and Principles for Responsible Investment Partially done
  84. 710 Return the Coast Guard and ATF to the Treasury Department Needs Congress Not started
  85. 710 Eliminate the U.S. Trade and Development Agency Needs Congress Not started