- Vice President Kamala Harris is planning to unveil a new proposal to provide small businesses a $50,000 tax deduction for startup expenses.
- The policy would be a tenfold expansion of the current $5,000 startup tax deduction.
- Donald Trump has attacked Harris’ economic policy record and attempted to pitch himself as the candidate who would be better for business.
Vice President Kamala Harris on Wednesday will unveil a new proposal to provide small businesses with a $50,000 tax deduction for startup expenses, ten times the current $5,000 allowable deduction, according to a Harris campaign official who was granted anonymity to share details of a proposal that is not yet public.
Harris will roll out the new plan at a presidential campaign event in New Hampshire on Wednesday, part of her broader kick-off of the post-Labor Day two-month sprint to Election Day.
Under the proposal, new small businesses could spread the deduction out over several years, or delay claiming the $50,000 tax deduction until the company turned a profit.
The Internal Revenue Service has previously run into issues ensuring that its small business tax breaks end up in the right pockets, especially during the pandemic, when the agency flagged a spike in fraudulent claims.
www.cnbc.com/2024/09/03/harris-small-business-tax-deduction-trump-debate-election.html