New reporting reveals significant differences between the economic plans proposed by former President Donald Trump and Vice President Kamala Harris.
According to a recent analysis by the nonpartisan Penn Wharton Budget Model at the University of Pennsylvania, Trump’s plans could add between $4.1 trillion and $5.8 trillion to the national debt over the next decade, primarily benefiting the wealthiest Americans.
In contrast, Harris’ proposals are expected to result in a lower increase to the debt—between $1.2 trillion and $2 trillion—while offering more support to lower- and middle-income families.
Trump has vowed to make permanent the expiring portions of his 2017 Tax Cuts and Jobs Act, which primarily reduced tax rates for the wealthiest Americans. His plans also include further cuts to the corporate tax rate.
Anyone who isn’t among the wealthiest Americans or a major corporation saw minimal savings, and in some cases, even faced tax hikes. The Penn Wharton Budget Model projects that, under Trump’s policies, individuals in the lowest 20% income bracket would see an average after-tax income increase of just $320 in 2026, while those in the top 0.1% would experience an increase of $376,910.
A report based on data from the non-partisan Institute on Taxation and Economic Policy found that 10,260,263 American families saw a tax hike thanks to Trump’s 2017 Tax Cut and Jobs Act.
On the other hand, Harris’ economic proposals focus on families earning less than $400,000 annually. Her plans include expanding child tax credits, increasing the earned income tax credit, providing financial support for first-time homebuyers, and raising the corporate tax rate.
The same model estimates that Harris’ policies would lead to an average after-tax income increase of $2,355 in 2026 for the lowest 20% of earners, while the top 0.1% would see their incomes decrease by $167,255.
Trump’s promises to eliminate the national debt and significantly cut taxes for middle-class Americans during his 2016 campaign largely went unfulfilled. He left office in 2021 with an additional $7.8 trillion added to the national debt—roughly $23,500 per American, according to reporting from The Michigan Independent.
Conversely, President Joe Biden and Vice President Harris have adhered to their campaign pledge not to raise taxes for individuals earning under $400,000 and have introduced measures aimed at reducing the tax burden on working families and the middle class.
