Kamala Harris to unveil $50,000 tax deduction for new small businesses
Al Jazeera
US Democratic nominee’s proposal is latest effort to erase Donald Trump’s polling advantage on economic issues.
United States Vice President Kamala Harris is set to unveil a tax deduction of up to $50,000 for new small businesses as the Democratic nominee seeks to burnish her economic credentials in the close race for the White House.
Harris is due to unveil the plan on Wednesday in New Hampshire, where she will announce a goal of 25 million new small business applications during her first four years in office if elected in November.
Under current tax rules, small businesses can claim up to $5,000 for expenses related to their first year of operation.
Harris flagged the plans at a campaign stop in Savannah, Georgia last week, saying that growing small businesses was one of her “singular priorities”.
“Half of America’s working population either owns, runs or works in a small business,” she said.
