Penn Wharton: Trump Plan Would Increase Deficits 2-5x That of Harris Plan

Trump would add twice as much to national debt as Harris, study finds​

Trump has called for extending his 2017 tax cuts, which would add more than $5 trillion over 10 years to the United States’ $35.7 trillion national debt, according to a study from the nonpartisan Committee for a Responsible Federal Budget (CRFB). His plan to end taxes on overtime wages, Social Security benefits and tips would add another $3.6 trillion in debt. And his call for a nationwide campaign to detain and deport undocumented immigrants would cost $350 billion.

Trump says major new tariffs on imports would bring in enough revenue to offset all the tax cuts, but the study doesn’t support that claim, and many economists say the tariffs would also drive prices up for U.S. consumers.

All told, CRFB found that the Trump policies it studied would add $7.5 trillion of debt — more than twice as much as the Harris proposals the group scrutinized.

A lot of a "Trump economy" is just borrow from the future so we can party now.

Separate from the effect on the debt is the effect on taxpayers with differing incomes. The Institute on Taxation and Economic Policy has prepared an analysis.

Former President Donald Trump has proposed a wide variety of tax policy changes [and tariffs]. Taken together, these proposals would, on average, lead to a tax cut for the richest 5 percent of Americans and a tax increase for all other income groups.

If these proposals were in effect in 2026, the richest 1 percent would receive an average tax cut of about $36,300 and the next richest 4 percent would receive an average tax cut of about $7,200. All other groups would see a tax increase with the hike on the middle 20 percent at about $1,500 and the increase on the lowest-income 20 percent of Americans at about $800.

essentialsaltes said:

Trump would add twice as much to national debt as Harris, study finds​

Trump has called for extending his 2017 tax cuts, which would add more than $5 trillion over 10 years to the United States’ $35.7 trillion national debt, according to a study from the nonpartisan Committee for a Responsible Federal Budget (CRFB).

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(CRFB) What Would the Trump Campaign Plans Mean for Social Security?​

Vice President Kamala Harris has said she would “protect Social Security” and former President Donald Trump has said he would “fight for and protect Social Security.” Unfortunately, neither candidate has presented plans to fix Social Security’s finances despite the looming $16,500 cut facing a typical couple retiring just before insolvency [circa 2035 when the law requires a 23% cut if the Trust Fund is not replenished]

In fact, we find President Trump’s campaign proposals would dramatically worsen Social Security’s finances

President Trump’s proposals to eliminate taxation of Social Security benefits, end taxes on tips and overtime, impose tariffs, and expand deportations would all widen Social Security’s cash deficits. [This would]

• Advance insolvency by three years, from FY 2034 to FY 2031 – hastening the next President’s insolvency timeline by one-third.
• Lead to a 33 percent across-the-board benefit cut in 2035, up from the 23 percent CBO projects under current law.

The Harris campaign’s proposals would not have large effects on Social Security trust fund solvency. ... On net, these changes are likely to modestly increase ten-year deficits and advance insolvency by several weeks or months.

I haven't heard much about Trump's plan or concept of a plan beyond that he'll fix the economy with tariffs.

Ending taxes is ending revenue. It's hard to believe that he actually graduated Wharton. Is the institution ashamed of its alumnus? According to Philly Mag, "For instance, Penn has never had Trump deliver a commencement speech or conferred an honorary degree on him. In the wake of his election, Penn tour guides were discouraged from bringing up the T-word and issued simple instructions for handling questions about Trump’s tenure at Penn: Keep it short and sweet — “Yes, he graduated from Wharton in 1968” — and leave it at that. Tell Penn you’re writing an article about Donald Trump’s time there, and you’ll get the academic version of name, rank and serial number: “Donald J. Trump earned a B.S. in real estate, which was awarded on May 20, 1968,” says Ron Ozio, Penn’s director of media relations, declining my request for an interview. Which is peculiar, given that most universities make a lot of marketing hay out of an alumnus in the White House — and Trump is Penn’s first."