National debt would skyrocket under Donald Trump, analysis shows
Neither candidate has a plan to reduce the national debt, according to the nonpartisan Committee for a Responsible Federal Budget, but Donald Trump would increase it far more than Hillary Clinton.
Clinton on Wednesday night said her plan would “not add a penny to the debt.â€
For the record:
1:42 a.m. Nov. 27, 2024An earlier version of this article incorrectly said how much the debt would increase under Hillary Clinton. It is $200 billion, not $200 million.
An analysis released last month said Clinton’s plans would boost the debt by $200 billion over the next decade, keeping it on track with its current upward trajectory. Trump would increase it by $5.3 trillion in the same time period.
Follow live coverage of the final presidential debate on Trail Guide »
The reason for the gap between the two candidate’s plans? Clinton would increase taxes to pay for her spending plans, while Trump wants to slash taxes.
The Tax Foundation, a think tank in Washington, said Clinton’s plans would make the tax code more progressive, boosting rates on the wealthy. Revenue would be increased by $1.4 billion over a decade.
Trump, on the other hand, would reduce revenue by as much as $5.9 billion in the same time period, according to the Tax Foundation. Income tax rates on the wealthy would be decreased under his plans. On Wednesday night, Trump said cutting taxes would stimulate growth in the economy.
Twitter: @chrismegerian
ALSO
There’s one tax break Hillary Clinton and Donald Trump agree about
Get the L.A. Times Politics newsletter
Deeply reported insights into legislation, politics and policy from Sacramento, Washington and beyond. In your inbox three times per week.
You may occasionally receive promotional content from the Los Angeles Times.
