Harris to unveil new wave of economic policies for small businesses, communities, in economic speech Wednesday
CNN
To spur the creation of millions of new businesses, Vice President Kamala Harris is set to propose a handful of new benefits to entrepreneurs and small business owners as part of a second wave of economic proposals set to be unveiled Wednesday.
Vice President Kamala Harris is set to propose a handful of new benefits to entrepreneurs and small business owners to spur the creation of millions of new businesses, as part of a second wave of economic proposals set to be unveiled Wednesday. In an economic speech in New Hampshire on Wednesday, Harris plans to call for expanding a tax deduction for costs associated with starting a business and removing regulatory hurdles – like filing requirements and operational licenses – for businesses of a certain size, according to a Harris campaign official. It’s an attempt by the Harris campaign to appeal to a critical middle-class constituency that could help boost her chances in November. “This is one of my singular priorities, is to invest and grow our small business,” Harris told a small business owner in Savannah, Georgia, last week, alluding to the forthcoming tax credit she’d propose. Small businesses are currently granted a $5,000 deduction for expenses related to their first year of operation, according to the Congressional Research Service. Harris will propose raising that to $50,000, the official said, citing the average business’ outlays of $40,000 to get off the ground. Harris is also aiming to surpass the 19 million new businesses under the Biden administration with a new goal of 25 million. After releasing a first wave of more populist policies to increase government involvement in retail pricing and the housing market, Harris is crafting a pro-business, low-regulation platform aimed at taking the air out of Republican broadsides.
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