Vice President Kamala Harris plans to introduce a $50,000 tax benefit for new small businesses, significantly expanding the current $5,000 deduction for start-ups. This proposal, set to be unveiled ahead of next week’s debate with former President Donald Trump, is part of Harris’s broader economic policy vision focused on entrepreneurship.
The plan aims to contrast Trump’s economic policies, which favor corporate tax cuts and maintaining lower tax rates for high-income individuals. Harris’s proposal also includes creating a standard deduction for small firms to simplify tax filings and reducing barriers for occupational licenses. The campaign has not provided an estimated cost for the plan.
Harris’s focus on small businesses comes as she attempts to solidify her economic stance following President Biden’s withdrawal from the presidential race. This proposal follows her earlier economic plans, which included major housing subsidies and a federal ban on price gouging. Harris’s campaign hopes the new measures will appeal to voters who view her policies as too liberal.
Harris’s campaign spokesman did not comment on the upcoming package, but the plan aligns with efforts to stimulate entrepreneurship amid a recent surge in small business applications. Critics argue that while the start-up deduction may appeal politically, it is unlikely to significantly increase new business formation.
Discover more from News Facts Network
Subscribe to get the latest posts sent to your email.
