Trump budget would spike deficits by nearly 5 times Harris proposal, says Penn Wharton

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 over $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.

The Harris analysis showed that her plan to expand the Child Tax Credit, the Earned Income Tax Credit and other tax credits would raise deficits by $2.1 trillion in the coming 10 years. And her proposal to create a $25,000 subsidy for all qualifying first-time homebuyers would add $140 billion over a decade.

But the Harris report found that raising the corporate tax rate to 28% from its current level of 21%, as the vice president has floated, could partially offset the costs of her spending by $1.1 trillion.

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.

The lion's share of Harris' revenue streams come with a major asterisk, however: They require congressional approval.

By contrast, Trump has suggested paying for his agenda with 10% tariffs on all imports and 60% tariffs on Chinese imports, neither of which would need to be passed by Congress in order to be implemented. Trump claims these trade policies would generate enough long-term domestic growth to outweigh the short-term costs of