Former President Donald Trump's economic proposals would increase federal deficits by $5.8 trillion over the next decade, almost five times more than those of Vice President Kamala Harris, which would add $1.2 trillion, according to a new pair of studies from the nonpartisan Penn Wharton Budget Model.
The Trump report found that his plan to permanently extend the 2017 tax cuts would add more than $4 trillion to deficits over the next 10 years.
His proposal to eliminate taxes on Social Security benefits comes with a $1.2 trillion price tag, while his pledge to further reduce corporate taxes would add nearly $6 billion.
And her proposal to create a $25,000 subsidy for all qualifying first-time homebuyers would add $140 billion over a decade.
Along with corporate tax hikes, Harris has said she supports the $5 trillion worth of revenue raisers contained in President Joe Biden's budget proposal for the 2025 fiscal year.
Persons:
Donald Trump's, Kamala Harris, Trump, Harris, Joe Biden's
Organizations:
Penn Wharton Budget, Social Security