According to analysts, Trump and Harris are expected to increase the national debt as follows:

Economic proposals from former President Donald Trump and Vice President Kamala Harris are expected to increase the national debt by $7.5 trillion and $3.5 trillion, respectively, according to a new nonpartisan analysis.

The Committee for a Responsible Federal Budget (CRFB) on Monday released the total cost of the Republican and Democratic presidential candidates’ economic plans for the next decade, but acknowledged that an accurate estimate was difficult due to the “high uncertainty” surrounding the details.

To account for this, the analysis includes a low-cost and high-cost forecast, with Harris’ plans increasing the national debt between $0 and $8.1 trillion and Trump’s plans increasing the national debt between $1.5 trillion and $15.2 Trillion US dollars.

The estimates also do not take into account the changes in GDP that occur, although some provisions take into account the dynamic effects of some measures on the economy, such as: B. Tax cuts and tariffs.

Brian Riedl, a senior economics fellow at the Manhattan Institute, noted to the Post that the estimates were based on the Congressional Budget Office’s (CBO) baseline deficit of $22 trillion over the next decade and that Congress “typically supports the expansions.” decides, but not the savings are offset, which further increases the net costs.

The highest cost proposals for both candidates would come from expanding provisions of the Tax Cuts and Jobs Act of 2017, which lowered individual tax rates and reduced the corporate tax rate from 35% to 21%, a $2,000 child tax credit US dollars and the estate tax exemption doubled to US$11.1 million for individuals and US$22.8 million for married couples.

Trump, 78, wants to make the tax cuts permanent, which would result in deficits increasing by about $5.35 trillion over the next decade, according to CRFB, although that figure rises to nearly $1 trillion when faster economic growth is taken into account could be lower.

Exempting both overtime wages and tips for service industry workers would add an additional $2.3 trillion to the national debt.

Another $1.3 trillion would be added to the deficit if the former president eliminated the tax on Social Security benefits for seniors.

Trump also wants to eliminate the $10,000 deduction cap on state and local taxes (SALT), which would reduce federal tax revenue while also being a boon to blue state residents with higher tax rates.

Meanwhile, the Republican candidate’s 10% basic universal tariff on imported goods would increase tax revenue by $2.7 trillion.

Another trillion would flow into federal coffers if Trump expands domestic natural gas production, ends renewable energy tax credits, abolishes the Department of Education and creates a federal efficiency commission first proposed by Tesla CEO Elon Musk to curb waste, fraud and Fraud to reduce misuse of taxpayer funds.

Republican vice presidential candidate and Ohio Senator JD Vance has supported an even larger $5,000 child tax credit – but this was not included in the CRFB analysis.

Harris, 59, has pledged to extend the 2017 tax cuts to all earners making less than $400,000 a year and to expand the child tax credit to $6,000 for parents of newborns and $3,600 for parents of children under 6 years and $3,000 for parents of children over six years old.

It would also reinstate the Earned Income Tax Credit from the 2021 American Rescue Plan and apply it to low- to moderate-income earners

In total, these Harris proposals would increase the deficit by $4.4 trillion.

The national debt would increase by another $1 trillion if its health care subsidies and $25,000 first-time homebuyer tax credits were also implemented.

At least $700 billion more would come from the vice president’s expanded handouts for preschool and child care, $200 billion would come from eliminating the tip tax and raising the minimum wage, and $150 billion would come from a grant of up to $50,000 for initial training results -time, small business owners.

But Harris’ increase in capital gains and corporate tax rates to 28% and other tax hikes would raise $4.25 trillion in revenue.

According to CRFB, the Democrat would also raise $250 billion in revenue from reducing prescription drug costs.

The organization warned in its analysis that the US was on track to break the all-time record for national debt-to-GDP, which previously stood at 106% in 1946.

The federal deficit is currently 99% of GDP and stands at $35 trillion. In three years it would surpass the 1946 mark.