Trump's Economic Proposals Could Add Nearly 5 Times More to the Federal Deficit Than Harris's. Economists Warn Trump Tariffs Could Reignite Inflation.

A recent Penn Wharton Budget Model analysis reveals that former President Donald Trump's economic proposals could increase federal deficits by over $5 trillion over the next decade, primarily due to extending 2017 tax cuts and eliminating taxes on Social Security benefits. Vice President Kamala Harris's proposals, which include expanding tax credits and creating subsidies for first-time homebuyers, would raise deficits by more than $1 trillion, with partial offsets from raising the corporate tax rate. Trump's plan to finance his agenda through tariffs faces criticism, but economists caution that they might reignite inflation as consumer price increases have begun to cool.