Vice President Kamala Harris will introduce a tax deduction of up to $50,000 for small businesses on September 4, a 10-fold increase from the current aid. This is her latest economic policy aimed at winning over the American middle class after she officially entered the race for US President more than a month ago. A campaign official said Ms. Harris will announce the new plan in New Hampshire on September 4. The plan is expected to expand the start-up cost deduction for small businesses from $5,000 to $50,000. The official said the average cost of starting a new business is about $40,000. According to official statistics, America’s 33 million small businesses employ about 46% of all private sector workers and have created 70% of net new jobs since 2019. The official added that the plan would also allow small businesses to take the standard tax deduction, make it easier for them to obtain national business licenses, and include a small business support fund to help community banks cover interest costs. In addition, at the New Hampshire event, Ms. Harris will also announce a goal of 25 million small business registration applications in her first term, surpassing the 19 million applications under Mr. Biden, who took office in January 2021. Harris’s broad economic agenda is likely to face opposition from both corporations and Congress . In her first economy-focused speech as the Democratic presidential nominee last month, Harris pledged to cut taxes for most Americans, ban price gouging at grocery stores and build more affordable housing. Observers say Harris is looking to contrast her overall economic strategy with her rival, Republican Donald Trump, on tariffs and taxes. Her economic agenda focuses on higher taxes on wealthy individuals and companies, while increasing federal funding for child care and other social programs for working parents. Trump’s economic advisers have previously argued that Harris’s proposals would fuel inflation and hurt the economy. Mr. Trump and Ms. Harris are scheduled to debate live on September 10.
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