by Richard Rubin, Wall Street Journal, Oct. 7, 2024- WASHINGTON—Donald Trump’s flurry of recent tax-cut promises pushed his fiscal plan deep into red ink, and he would increase budget deficits by more than twice as much as Democratic rival Kamala Harris would, according to a new study that is among the most comprehensive estimates to date of the candidates’ proposals.
Trump’s combination of tax cuts, tariff increases, military expansion and mass deportations would widen budget deficits by an estimated $7.5 trillion over the next decade, according to the Committee for a Responsible Federal Budget, or CRFB, a nonpartisan group that favors lower deficits. Meanwhile, Vice President Harris’s plans—social-policy spending, middle-class tax cuts and tax increases on corporations and high-income households—would increase deficits by $3.5 trillion. (read more)
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