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https://www.axios.com/2024/08/28/trump-harris-national-debt-election
Donald Trump's campaign promises would send the national debt soaring much faster than Kamala Harris' would, per two new analyses from the Penn Wharton Budget Model. Both of them increase the deficit relative to the current baseline.
Why it matters: When the government gives money to individuals and businesses, as both candidates propose, that's good for the recipients, and broadly good for economic growth, but it also accelerates the growth of the national debt, which is already at worrisome levels.
What they found: Keeping Trump's campaign promises would increase the national debt by $5.8 trillion over 10 years, while Harris' would cost $1.2 trillion.
If the policies are scored using "dynamic pricing" that reflects increased tax revenues from policies that increase economic activity, the gap shrinks a little, with Trump's promises costing $4.1 trillion to Harris' $2 trillion.
Between the lines: The biggest difference between the two candidates is the question of what happens to Trump's tax cuts, which are due to expire at the end of 2025. Trump would extend them but Harris wouldn't.
Extending the individual income tax cuts would cost $3.4 trillion over 10 years. Doing the same for the corporate income tax cuts would bring the total to over $4 trillion.
On top of that, Trump wants to cut the corporate income tax even further, to 15% from its current 21%, at an estimated cost of $600 billion, and abolish the income tax on Social Security benefits, which would cost another $1.2 trillion.
Donald Trump's campaign promises would send the national debt soaring much faster than Kamala Harris' would, per two new analyses from the Penn Wharton Budget Model. Both of them increase the deficit relative to the current baseline.
Why it matters: When the government gives money to individuals and businesses, as both candidates propose, that's good for the recipients, and broadly good for economic growth, but it also accelerates the growth of the national debt, which is already at worrisome levels.
What they found: Keeping Trump's campaign promises would increase the national debt by $5.8 trillion over 10 years, while Harris' would cost $1.2 trillion.
If the policies are scored using "dynamic pricing" that reflects increased tax revenues from policies that increase economic activity, the gap shrinks a little, with Trump's promises costing $4.1 trillion to Harris' $2 trillion.
Between the lines: The biggest difference between the two candidates is the question of what happens to Trump's tax cuts, which are due to expire at the end of 2025. Trump would extend them but Harris wouldn't.
Extending the individual income tax cuts would cost $3.4 trillion over 10 years. Doing the same for the corporate income tax cuts would bring the total to over $4 trillion.
On top of that, Trump wants to cut the corporate income tax even further, to 15% from its current 21%, at an estimated cost of $600 billion, and abolish the income tax on Social Security benefits, which would cost another $1.2 trillion.
