news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

as the us election enters the countdown, the competition between candidates from both parties becomes increasingly fierce, and the economic agendas of both sides are attracting much attention.

on august 27, cnbc cited a report from the wharton school of the university of pennsylvania as saying that republican candidate donald trump's economic proposal would increase the federal deficit by $5.8 trillion over the next decade, almost five times that of democratic candidate kamala harris.

trump’s plan to permanently extend the 2017 tax cuts would add more than $4 trillion to deficits over the next decade, according to wharton research. in addition, his proposal to eliminate taxes on social security benefits would cost $1.2 trillion, while plans to further cut corporate taxes would add nearly $6 billion more to the deficit.

trump has also called for a 10 percent tariff on all imports and as high as 60 percent on chinese imports.

in contrast, harris' economic plan would also increase the deficit over the next decade, but by only $1.2 trillion, far less than trump's proposal. harris' plan to expand the child tax credit, the earned income tax credit and other tax credits would increase the deficit by $2.1 trillion over the next 10 years; providing a $25,000 subsidy to all eligible first-time homebuyers would increase the deficit by $140 billion over a decade.

at the same time, she has proposed raising the corporate tax rate to 28% from the current 21% to partially offset the cost of her $1.1 trillion spending package.

in addition to raising corporate taxes, harris has expressed support for $5 trillion worth of revenue-raising initiatives included in the biden administration's budget proposal for fiscal year 2025. however, most of harris' revenue sources come with a major asterisk: they require congressional approval.

in contrast, trump has proposed a 10% tariff on all imports and a 60% tariff on chinese imports, neither of which would require congressional approval. trump claims these trade policies will generate enough long-term domestic growth to outweigh the short-term costs of his economic platform.

but moody's chief economist mark zandi estimates trump's tariffs could bring in $2.5 trillion. economists warn that such tough tariffs could reignite inflation just as consumer price increases are beginning to cool.

the campaign is painting the other side as an economic danger

the trump and harris campaigns are painting each other as an economic danger in an attempt to win over voters fatigued by the rising cost of living.

“trump’s 2025 economic agenda is an inflation and deficit bomb that makes the middle class pay more and the wealthy pay less,” james singer, a harris campaign spokesman, said in a statement to cnbc.

trump campaign spokeswoman karoline leavitt defended the republican presidential candidate in a statement to cnbc: "president trump is a businessman who built the greatest economy in american history and he certainly doesn't need to take economics lessons from san francisco radical liberals."

just over a month after biden dropped out of the race, the harris campaign has been rolling out its economic agenda at a breakneck pace, tapping into voters’ nostalgia for the pre-pandemic economic boom under the trump administration.