Debt Dilemma: Harris vs. Trump on Tax and Spending Plans

Vice President Kamala Harris and Donald Trump are proposing tax breaks and spending plans to ease Americans' financial burdens ahead of the upcoming election. Trump's proposals could add $3.6 to $6.6 trillion in federal debt over ten years, while Harris's plans may add up to $1.4 trillion or possibly reduce deficits by $400 billion.

In a bid to win over voters, Vice President Kamala Harris and Republican opponent Donald Trump have unveiled tax breaks and spending plans aimed at easing financial strains on Americans. However, these proposals could significantly impact the federal debt, with budget forecasters meticulously crunching numbers ahead of their next debate.

Trump plans to extend his 2017 tax cuts, exempt Social Security and tip income from taxes, and slash corporate income taxes, measures that could add between $3.6 trillion to $6.6 trillion to the U.S. deficit over a decade, according to estimates by multiple budget forecasters.

Conversely, Harris's proposals include expanding the Child Tax Credit and introducing new credits for newborns and first-time homebuyers, potentially decreasing deficits by $400 billion or adding $1.4 trillion to the deficit over ten years. The estimates, which are based on static budget scoring, are still subject to various campaign trail tweaks before being entirely finalized.

(With inputs from agencies.)