Four takeaways:
1. The nonpartisan think tank estimates that Ms. Harris’ tax and spending plans would increase the debt by $3.5 trillion over the next 10 years, while Mr. Trump’s plans would raise debt by $7.5 trillion.
2. The CRFB noted that neither candidate has shared a plan to address the nation’s rising debt burden, with both plans likely to further increase deficits and debts above current projections.
3. Mr. Trump has said he would extend his 2017 tax cuts, which would add $5 trillion in national debt, according to the CFRB analysis. His plan would add another $3.6 trillion by exempting tips, overtime income and Social Security benefits from taxes. His policies to secure the border and deport unauthorized immigrants would add $350 billion in debt. Mr. Trump has claimed his plan to increase tariffs on imports will cover his tax cuts, but the analysis indicates his tariff plan would generate only $2.7 trillion.
4. Ms. Harris has called for extending 2017 tax cuts for individuals earning less than $400,000 a year, which would add $3 trillion to the nation’s debt. Her plan would add another $1.35 trillion by expanding the child tax credit and earned income tax credit, the study found. She has also proposed exempting tips from income taxes and raising the minimum wage, which would create another $200 billion in debt. Ms. Harris’ campaign has argued the cost of these programs would be lower, according to The Washington Post.
“Despite the fact that our fiscal situation is really unhealthy, we have two candidates whose proposals, if looked at comprehensively, would make the situation worse rather than better, with a noticeable distinction that former president Trump would make it significantly worse,” CRFB President Maya MacGuineas told the Post.
Read the full analysis here.
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