Trump’s Plans Would Increase US Debt Significantly More than Harris’s, Study Finds

[Social Media]

 

A recent analysis by the Committee for a Responsible Federal Budget, a non-partisan think tank, has found that both Donald Trump and Kamala Harris would significantly increase the U.S. national debt if their campaign proposals were fully enacted. However, the study highlights a stark contrast between the two candidates' plans, with Trump’s proposals estimated to increase the debt by more than twice as much as Harris's.

 

According to the group’s findings, Trump’s proposals would add approximately $7.5 trillion to the national debt, while Harris’s would contribute $3.5 trillion. Both figures are staggering, given the current state of U.S. finances, with the national debt already standing at $35.6 trillion. The think tank warned that neither candidate appears focused on curbing the rapidly rising debt.

A significant portion of the hypothetical debt increase stems from tax policies that both candidates have supported. These policies include the extension of major tax cuts that were enacted during Trump’s first term. Those tax cuts are due to expire in 2025, leading to what could be a fierce debate on taxes after the upcoming election. Trump has vowed to maintain all elements of the tax package, and in addition, he has proposed new cuts. These cuts include the elimination of taxes on overtime, Social Security, and tips income. He also aims to offer domestic manufacturers a 15% corporate tax rate, much lower than the current rate.

 

Trump has suggested that the revenue lost from these tax reductions would be offset by imposing widespread tariffs on imported goods, a move the Committee for a Responsible Federal Budget estimates could raise $2.7 trillion. 

 

In contrast, Harris’s approach involves a partial reversal of Trump’s tax cuts, specifically targeting the wealthy and corporations. She plans to increase the corporate tax rate from 21% to 28%, though she would maintain the tax cuts for individuals earning less than $400,000. Additionally, she supports eliminating taxes on tips, similar to Trump.

 

Harris has also introduced several proposals aimed at providing tax relief to families with children and startups. Her economic plan includes significant new spending, particularly in the areas of child care and health care, with billions allocated to subsidize these services.

 

While both candidates' plans would have to pass through Congress, where any proposal could face significant obstacles, the overall impact on the national debt remains a major concern for some financial experts. Jimmy Lee, CEO of Wealth Consulting Group, observed, "Both candidates are wanting to get elected so, you know, tax cuts sound better than higher taxes so I think that's what you're hearing. Whether or not all of that gets through we'll see." However, Lee added that he believes investors may not be paying enough attention to the risks posed by the mounting national debt.

 

The U.S. has long benefited from strong demand for its debt among private investors, allowing it to borrow at relatively low interest rates. But as debt levels continue to climb, some analysts warn that borrowing costs could increase in the future, posing further challenges for the U.S. economy. Currently, the country’s debt-to-GDP ratio is around 120%, one of the highest among major global economies, according to the International Monetary Fund. For comparison, Italy’s debt-to-GDP ratio is 144%, Spain’s 110%, the UK’s 101%, Canada’s 106%, China’s 77%, Germany’s 67%, and Australia’s 56%.

 

Based on a report from BBC News 2024-10-09

 

 

 

[Tug]

That’s our Donnie run up the debt and guess who gets to pay more for everything……here’s a clue it ain’t him or his rich pals!let’s turn the page ditch this albatross and let the republicans rebuild their party we need them for balance.

[neeray]

Trump doesn't care one iota about the future of the  USA or its citizens. Give him 4 more years and he'll inflate the national debt to 50 trillion (or more) with a good portion of the increase going directly or indirectly to the already obscene rich. The MAGA cult followers will be cast aside presto if by some weird chance he were elected. He has no use for poor people beyond sucking them in to elect him.

[spidermike007]

His spectacularly ignorant tariffs are the equivalent of a major tax hike on the American public, they're not paid by China, they are paid by companies, and they're passed on to consumers.

 

It is a tax hike, people. 

[mdr224]

4 minutes ago, spidermike007 said:

His spectacularly ignorant tariffs are the equivalent of a major tax hike on the American public, they're not paid by China, they are paid by companies, and they're passed on to consumers.

 

It is a tax hike, people. 

If his tariffs were such a bad idea, why did biden keep them?

[thaipo7]

2 hours ago, Tug said:

That’s our Donnie run up the debt and guess who gets to pay more for everything……here’s a clue it ain’t him or his rich pals!let’s turn the page ditch this albatross and let the republicans rebuild their party we need them for balance.

Well, we can guess who this person wants to win the election.

[Skeptic7]

Trump hasn't a clue about how tariffs work. Hasn't a clue about anything really. A complete and utter imbecile. 

[Tug]

1 hour ago, thaipo7 said:

Well, we can guess who this person wants to win the election.

Ya don’t say……thaipo I’ve been aware of trump since the 70s hes allways been the poster boy of the wealthy arrogant a$$hole the only difference now is he’s old and slipping mentally .he’s definitely not the man to have at the helm.

[JonnyF]

I'm sure Harris is an economic genius.

 

If she ever does a serious interview someone should ask her the details, so that we can all learn that she grew up middle class, lived in a 2 bedroom house, had pink wallpaper etc. 

[soalbundy]

2 hours ago, neeray said:

Trump doesn't care one iota about the future of the  USA or its citizens. Give him 4 more years and he'll inflate the national debt to 50 trillion (or more) with a good portion of the increase going directly or indirectly to the already obscene rich. The MAGA cult followers will be cast aside presto if by some weird chance he were elected. He has no use for poor people beyond sucking them in to elect him.

Who cares, the debt is already so large it can never be paid back, the trouble will be finding anyone stupid enough to lend the US any more money.

[john donson]

Committee for a Responsible Federal Budget

 

hahahaha

 

a bit like the national anti corruption organization here...

[john donson]

36 minutes ago, JonnyF said:

I'm sure Harris is an economic genius.

 

If she ever does a serious interview someone should ask her the details, so that we can all learn that she grew up middle class, lived in a 2 bedroom house, had pink wallpaper etc. 

 

her teleprompter malfunctioned and she could only repeat the same crap over and over...

[impulse]

Remember that time when a lefty economist got a forecast right?

 

Neither do I.

 

 

[gamb00ler]

1 hour ago, Skeptic7 said:

Trump hasn't a clue about how tariffs work. Hasn't a clue about anything really. A complete and utter imbecile. 

He does understand very well how constantly repeating lies can "fool some of the people all the time".

[gamb00ler]

2 minutes ago, impulse said:

Remember that time when a lefty economist got a forecast right?

 

Neither do I.

 

 

Well then..... you need:

https://memory.ucsf.edu/treatments-stays/medications-dementia/complementary-alternative-medicine

 

[WDSmart]

Trump’s Plans Would Increase US Debt Significantly More than Harris’s, Study Finds
So, does this finding surprise anyone? 

[Tug]

1 hour ago, JonnyF said:

I'm sure Harris is an economic genius.

 

If she ever does a serious interview someone should ask her the details, so that we can all learn that she grew up middle class, lived in a 2 bedroom house, had pink wallpaper etc. 

no I doubt she is nor do I recall her ever claiming to be one.I do know this both she and the present administration are smart enough to ask for and follow the experts advise.wittnes the remarkable recovery we are experiencing here( before ya start yapping about inflation it’s a worlds scourge) we have been making steady progress .

[mdr224]

6 minutes ago, WDSmart said:

Trump’s Plans Would Increase US Debt Significantly More than Harris’s, Study Finds
So, does this finding surprise anyone? 

Not really, considering US media is extremely biased in favor of the left. One would have to be a fool to take any article posted here at face value

[Chomper Higgot]

1 hour ago, JonnyF said:

I'm sure Harris is an economic genius.

 

If she ever does a serious interview someone should ask her the details, so that we can all learn that she grew up middle class, lived in a 2 bedroom house, had pink wallpaper etc. 

she just did a serious interview with 60 minutes.

 

Trump chickened out of his appointment.

 

Cluck Cluck.

 

[mdr224]

2 minutes ago, Chomper Higgot said:

she just did a serious interview with 60 minutes.

 

Trump chickened out of his appointment.

 

Cluck Cluck.

 

And now more people than before think shes a moron. Maybe the dems should have stuck to their strategy of keeping her hidden

[WDSmart]

6 minutes ago, mdr224 said:

14 minutes ago, WDSmart said:

Trump’s Plans Would Increase US Debt Significantly More than Harris’s, Study Finds
So, does this finding surprise anyone? 

Not really, considering US media is extremely biased in favor of the left. One would have to be a fool to take any article posted here at face value

But you accept everything Trump says as true, right? 😄 

[mdr224]

1 minute ago, WDSmart said:

But you accept everything Trump says as true, right? 😄 

Not as much as i believe everything said about him here is false

[MalcolmB]

3 hours ago, mdr224 said:

If his tariffs were such a bad idea, why did biden keep them?

Because he is an idiot? 
 

Over the course of President Trump’s four years in office, the gross national debt grew from $19.95 trillion to $27.75 trillion – a $7.8 trillion increase.

 

 

 

 

[JonnyF]

5 minutes ago, Chomper Higgot said:

she just did a serious interview with 60 minutes.

 

Serious? She was an absolute joke. All that was missing were the clown shoes. 😄

 

No wonder they've been keeping her quiet. 

 

[Chomper Higgot]

1 minute ago, JonnyF said:

 

Serious? She was an absolute joke. All that was missing were the clown shoes. 😄

 

No wonder they've been keeping her quiet. 

 

You clearly did not watch it.

[JonnyF]

Just now, Chomper Higgot said:

You clearly did not watch it.

 

Watched every minute.

 

You're the one that refuses to watch videos not me, preferring to think whatever The Guardian tells you to think about it. 

[mdr224]

1 minute ago, Chomper Higgot said:

You clearly did not watch it.

I did. Shes a moron. Not something i didnt already know

[impulse]

3 minutes ago, WDSmart said:

But you accept everything Trump says as true, right? 😄 

 

Absolutely not.  They all lie.  That's why you have to look at their history, and not the words coming out of their mouths.  Trump had 4 years with no Russkie invasion, no Hamas invasion, no rampant inflation, no border mayhem, and... and... 

 

Harris/Biden?  3-1/2 year disaster, all around the world.

 

[WDSmart]

1 minute ago, impulse said:

 

Absolutely not.  They all lie.  That's why you have to look at their history, and not the words coming out of their mouths.  Trump had 4 years with no Russkie invasion, no Hamas invasion, no rampant inflation, no border mayhem, and... and... 

 

Harris/Biden?  3-1/2 year disaster, all around the world.

 

I've already voted, and guess who I voted for? 😄

 

[impulse]

2 minutes ago, WDSmart said:

I've already voted, and guess who I voted for?

 

It's hard to imagine myself caring less who you voted for.