Kamala Harris to propose up to $50,000 tax deduction for new small businesses

4/9/2024 7:18

        Vice President Kamala Harris will propose a tax deduction of up to $50,000 for new small businesses on Wednesday, a tenfold increase over existing relief and her latest economic policy aimed at winning over middle-class Americans after jumping into the presidential race over a month ago.
        
        Harris is aiming to draw a contrast with her opponent, Republican Donald Trump, on broad economic strategy, specifically on tariffs and taxes. Her progressive economic agenda is focused on taxing wealthier individuals and companies more, and increased federal funding for child care and other social programs aimed at working parents.
        
        The new plan, to be announced in New Hampshire, will propose expanding the startup expense deduction for small businesses from $5,000 to $50,000, a campaign official said. On average, it costs $40,000 to start a new business, the official said, speaking on condition of anonymity.