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.
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00:00It's Benzinga, and here's what's on the block.
00:02A recent Penn-Wharton budget model analysis reveals that former President Donald Trump's
00:07economic proposals could increase federal deficits by over $5 trillion over the next
00:11decade, primarily due to extending 2017 tax cuts and eliminating taxes on Social Security
00:17benefits.
00:18Vice President Kamala Harris' proposals, which include expanding tax credits and creating
00:22subsidies for first-time homebuyers, would raise deficits by more than $1 trillion, with
00:27partial offsets from raising the corporate tax rate.
00:30Trump's plan to finance his agenda through tariffs faces criticism, but economists caution
00:35that they might reignite inflation as consumer price increases have begun to pool.
00:39For all things money, visit Benzinga.com.