From changes to the child tax credit to no taxes on tips, the presidential candidates have been busy promising voters what they will do if elected in November. But where is the money for all of this change coming from?
Whichever candidate wins the election in November will have to work with the lawmakers at the Capitol to try and pass what they have promised to voters.
They may run into one big issue, though: Economic ideas can be expensive.
Many Americans aren't aware of how much debt our country is in — $35 trillion and growing. That's a number so high that if you divided it by every American, we would each owe over $104,000.
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On the campaign trail you don't hear much about the debt, but you do hear plenty of ideas that the candidates have regarding how to help your pocketbook.
For instance; the idea to have no taxes on tips for service workers — former President Trump has endorsed the idea and so has Vice President Harris.
The cost? According to the Committee for a Responsible Budget, the price tag will be $150 billion-$250 billion over five years.
What about increasing the child tax credit? In an interview recently, Republican Vice Presidential nominee JD Vance suggested increasing it from $2,000 to $5,000 per child.
Vice President Harris has backed increasing it too, and even proposed a new $6,000 newborn tax credit.
The cost? Anywhere between $1-3 trillion over 10 years depending on the income limits and qualifications. There are other ideas too.
Trump has called for no taxes on Social Security — potentially costing $100 billion a year.
Harris has called for $25,000 down payment assistance to help homebuyers — something that could cost $25-$35 billion a year.
Kent Smetters is with Wharton School of Business, and analyzes how much the candidates' campaign promises might cost taxpayers.
"There is no question that Trump is calling for more debt over the next decade,more than Harris — over twice as much," said Smetters.
Smetters says that's because Trump has expressed interest in lower corporate taxes — which may create more economic activity, but would also likely create more debt. Harris has called for higher corporate taxes, which would create revenue.
If you are wondering why the debt matters, Smetters says the future could see drastic spending cuts or higher inflation.
"The burden is placed on future generations — somebody has to pay it," he said.
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