Trump's Policy Proposals Likely To Add More To Federal Deficit Than Harris'

New analysis from the Penn Wharton Budget Model has shown that former President Donald Trump’s campaign policy proposals are likely to add more to the federal deficit than Vice President Kamala Harris’ proposals.

• The Hill reports: Analysts estimated the slate of [Trump] proposals would add a net $5.8 trillion to primary deficits “on a conventional basis” from 2025 to 2034, compared to $4.1 trillion on a dynamic basis, when accounting for “economic feedback effects.”
• The Penn Wharton Budget Model notes that Harris’ proposals would add roughly USD$1.2 trillion to the deficit, with savings coming from declining to renew Trump tax cuts, which sunset at the end of 2025.
• According to the report, extending expiring individual income tax provisions from Trump’s 2017 tax legislation had the largest price tag of Trump's proposals, adding, “$3.4 trillion to deficits (before interest costs) over the next ten years.”
• Trump’s proposal to remove taxes on Social Security benefits could add a further USD$1.2 trillion over 10 years, and reducing the corporate tax rate to 15 percent could cost $595 billion.
• Penn Wharton said in the accompanying analysis: “Low, middle, and high-income households in 2026 and 2034 all fare better under the campaign proposals on a conventional basis,” though cautioning that “these conventional gains and losses do not include the additional debt burden on future generations who must finance almost the entirety of the tax decreases.”