Vice President Kamala Harris is set to unveil a series of new benefits aimed at boosting entrepreneurship and small business growth as part of her economic proposals. The plan includes expanding tax deductions for business startup costs and removing regulatory barriers for certain-sized businesses.
Currently, small businesses are eligible for a $5,000 deduction for first-year expenses. Harris plans to increase this deduction to $50,000, aligning more closely with the average startup costs of around $40,000. The goal is to encourage more individuals to start their own businesses and stimulate economic growth.
In addition to the tax deduction expansion, Harris aims to surpass the creation of 19 million new businesses under the Biden administration by setting a new target of 25 million. This ambitious goal underscores the Vice President's commitment to supporting small businesses and driving innovation in the economy.
Following earlier policy announcements focusing on government intervention in retail pricing and housing, Harris is now emphasizing a pro-business, low-regulation platform. By advocating for fiscal discipline and leveraging revenue from adjustments to the 2017 Tax Cuts and Jobs Act, Harris plans to fund community-level investments and targeted programs that benefit average Americans.
One of Harris's key advisers highlighted the importance of redirecting resources from expiring tax cuts towards initiatives that directly impact citizens' financial well-being. The Vice President believes that strategic investments at the grassroots level can address critical issues and improve economic outcomes for individuals across the country.
Small business growth remains a top priority for the Harris campaign, with a focus on empowering entrepreneurs and fostering a supportive environment for business development. By proposing these new benefits and setting ambitious targets for business creation, Vice President Harris is positioning herself as a champion for small business owners and a driver of economic prosperity.
