The presidential race is in full swing, with just over a week left until the November 5 election, and you can keep up with all the latest news with our daily live blog. Candidates Kamala Harris and Donald Trump are holding campaign events and sharing their proposals for what they’re thinking of doing once they have the keys to power.

Some of the measures proposed by both candidates have faced scrutiny from economists, however, it’s Trump‘s proposed tax reform has raised even more concerns, as it could have serious consequences for the US economy. The former president has suggested reducing taxpayers’ fiscal burden, seeing it as an easy vote winner, and has recently floated the idea of completely eliminating income taxes.

Donald Trump’s price rising proposal

In a segment on Fox News aired earlier this week, Trump answered questions at a Bronx barbershop. When asked whether the United States could potentially eliminate all federal taxes, Trump suggested the country could return to late 19th-century economic policies, when there were no federal income taxes.

“We had tariffs, no income tax. Now we have income taxes, and people are struggling. They’re paying taxes, and they don’t have the money to pay them,” he said. He also covered this topic with Joe Rogan.

Trump has not provided specific details on how he would implement this measure – maybe it‘s just another ’concept of a plan' – but if enacted, it would likely lead to higher prices.

Noah Damsky, director at Marina Wealth Advisors, told GOBankingRates that housing, wages, and stock prices would likely rise if Trump’s proposal were implemented.

“As demand increases, prices and wages will also go up,” Damsky told the outlet. “In areas like Los Angeles, where the minimum wage is $20 an hour for fast-food workers, the competitive wage required to attract employees could soar as inflation rises.”

“As all the additional money flows into the economy, stock prices will surge,” Damsky noted. “Saving will become much harder as inflation rises,” adding that those comfortable enough to be savers will be rewarded as asset prices increase.