By The New York Times (U.S.) | Created at 2024-10-07 18:17:49 | Updated at 2024-10-07 20:23:16
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A new analysis finds that Vice President Kamala Harris and former President Donald J. Trump’s plans would both add to the deficit, but Mr. Trump’s proposals could create a fiscal hole twice as big.
Oct. 7, 2024Updated 2:02 p.m. ET
Former President Donald J. Trump’s economic proposals could inflame the nation’s debt burden while ultimately raising costs for a vast majority of Americans, according to a pair of new economic analyses that are among the most in-depth studies to date of the Republican nominee’s plans.
The Committee for a Responsible Federal Budget, a nonpartisan group that seeks lower deficits, found that Mr. Trump’s various plans could add as much as $15 trillion to the nation’s debt over a decade. That is nearly twice as much as the economic plans being proposed by Vice President Kamala Harris.
And an analysis from the Institute on Taxation and Economic Policy, a liberal think tank, found that Mr. Trump’s tax and tariff plans would, on average, amount to a tax increase for every income group except the top 5 percent of highest-earning Americans.
The two new studies differ in some respects. The budget group looked at the cost of both candidates’ tax and spending plans over 10 years, while the tax institute focused on what the impacts of Mr. Trump’s tax and tariff plans would be in 2026. But together they show that Mr. Trump’s agenda could be both costly and regressive by placing a greater burden on those making the least amount of money.
Over the course of his campaign, Mr. Trump has floated a flurry of potentially far-reaching policies, including exempting certain forms of pay from taxes and levying broad tariffs on nearly all imports to the United States. He also wants to extend elements of the tax law he enacted in 2017 that are set to expire after next year.
“It’s almost difficult to come up with a tax plan that would raise taxes on most Americans, but still increase the deficit by hundreds of billions of dollars a year — and that’s what this does,” said Steve Wamhoff, the federal policy director at I.T.E.P.
