Kamala Harris to Propose $50,000 Tax Deduction for Small Business Startups on Wednesday

Sep 3, 2024, 09:07 PM

Vice President Kamala Harris is set to propose a significant expansion of tax relief for small business startups on Wednesday. In her upcoming speech on economic policy, Harris will unveil a plan to increase the tax deduction for new small businesses from $5,000 to $50,000, a tenfold increase. This proposal is part of a broader slate of economic measures aimed at supporting entrepreneurs and small business owners. Alongside the tax deduction, Harris plans to introduce incentives for local governments to reduce regulatory burdens, reform occupational licensing, and expand Community Development Financial Institutions (CDFIs). The initiative also includes a goal of 25 million new business applications during her first term. Harris's proposal comes shortly after GOP criticism of her previous policies and just days before a debate with Donald Trump.