Former President Donald Trump and Vice President Kamala Harris have made campaign promises that would add trillions of dollars to the national debt, according to analysis from the University of Pennsylvania.
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Trump's plans would add $5.8 trillion to the national debt over 10 years, while Harris' would add $1.2 trillion, according to the Penn Wharton Budget Model.
Based on "dynamic pricing," which reflects increased tax revenues from policies that increase economic activity, Trump's promises cost $4.1 trillion to Harris' $2 trillion.
The Wharton study says the Trump proposals would increase the national debt by 9.3% above its current trajectory by 2034, and by 12.7% by 2054. Harris' proposals would add 4.4% and 7.7%, respectively.
Trump's proposals would reduce the U.S. GDP fall 0.4% relative to the current baseline by 2034, according to the study. The Harris proposals mean a slightly larger decrease of 1.3%.
The biggest difference between the two presidential candidates' plans is how each would handle the Trump's tax cuts, which are due to expire at the end of 2025, Axios reported.
Trump would extend them, but Harris would not. Trump wants to make his 2017 Tax Cuts and Jobs Act tax reforms permanent.
Trump said the U.S. will be able to afford the tax cuts because he will restore the nation's energy independence.
The top 1% would see their post-tax income rise by $47,000 in 2026 under Trump, compared to a fall of $9,000 under Harris.
Under the Trump and Harris plans, the median household would see an income gain of about $2,000 per year.
Also, Trump wants to cut the corporate income tax to 15% from its current 21%, at an estimated cost of $600 billion.
Harris wants to increase the corporate tax rate to 28%, which would raise $1.1 trillion.
Trump wants to abolish the income tax on Social Security benefits, which would cost $1.2 trillion.
Harris proposed raising the child tax credit to $3,000 for children over 5 years old and $3,600 for children 5-years-old and younger. That policy would cost $1.7 trillion over a decade.
Charlie McCarthy ✉
Charlie McCarthy, a writer/editor at Newsmax, has nearly 40 years of experience covering news, sports, and politics.
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