'Explosive path': Experts say 'expensive' Trump tax plan will add $5.8 trillion to deficit

Donald Trump's tax plan for a second potential term as president would be much more expensive than the one proposed by Vice President Kamala Harris, according to experts.

CBS Friday published an analysis of the presidential candidates' positions on taxes, finding that "the plans emerging from rivals Kamala Harris and Donald Trump could affect voters' paychecks in very different ways."

On that front, the experts suggested that, while both plans would likely help people reduce their tax burden, Trump's plan would be more focused on the top earners in the United States.

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"Former President Donald Trump would seek to extend the tax cuts enacted through the Tax Cuts and Jobs Act, his signature 2017 legislation that reduced taxes for most Americans, although research has shown the top earners received the biggest benefits," according to CBS. "He's also proposing to eliminate taxes on tips and on Social Security income, while also lowering the corporate tax rate."

"It's true that Trump looks like he's winner for everybody, but he'll provide much bigger giveaways to the top 1% and top 0.1%, whereas Harris will be negative for these people," said Kent Smetters, faculty director of the Penn Wharton Budget Model, according to CBS.

The report continues by outlining how "Harris has proposed introducing more generous tax benefits for families, as well as hiking the corporate tax rate to help offset spending from bigger tax credits."

"The two proposals reflect different views of how best to support U.S. families and fuel economic growth. On the one hand, Trump's plan would provide tax cuts for all income groups, but the biggest winners would be higher-income Americans," according to the report. "The greatest benefits under Harris' plan would go to the lowest-income Americans, while she would up the taxes of the top-earning households."

The biggest differences between the two plans, however, don't directly impact American paychecks at all, experts said. In this case, the analysis shows that Trump's plan would be a larger burden on the nation's deficit. Many lawmakers, especially Republicans, have already raised concerns about the ballooning deficit for the nation.

"Ultimately, both plans would come with significant price tags, although the combination of Trump's tax cuts for corporations and individuals would prove more expensive, Penn Wharton forecast[s]. It estimates that his proposal would add $5.8 trillion to the federal deficit over the next decade, compared with $2 trillion for Harris' plan," according to the report.

Smetters went on to say that, while both candidates would inflate the deficit, Trump's plan would have a greater impact.

"Although Harris' tax proposal would potentially have a smaller impact on the nation's deficit than Trump, Smetters noted that both parties would ultimately add to the nation's growing fiscal burden," the report states.

"'Essentially we're on this explosive path right now,' Smetters said," CBS reported.

Read the full report here.