Harris Unveils Bold New Tax Relief Strategy for Small Businesses

WASHINGTON — Vice President Kamala Harris is poised to reveal new economic policy proposals aimed at supporting small businesses during her campaign speech in New Hampshire on Wednesday.

In her address in Portsmouth, Harris plans to advocate for raising the tax deduction for business start-up costs from $5,000 to $50,000, according to a campaign official. Additionally, she will suggest implementing a standard deduction for businesses to streamline tax filing processes for entrepreneurs.

Changes to tax laws are contingent upon the outcome of the upcoming congressional elections in November. With various provisions from the 2017 tax reforms set to expire by the end of 2025, the next Congress will face significant revisions of the tax code.

This announcement aligns with Harris’ vision for an “opportunity economy,” which includes expanding the child tax credit for new parents up to $6,000, providing $25,000 in down payment assistance for first-time homebuyers, and introducing measures to curb price gouging by major corporations, whom Harris holds accountable for soaring grocery costs, as mentioned in her recent CNN interview.

Focusing on middle-class needs, Harris aims to launch a range of initiatives to stimulate the growth of small businesses, aspiring to see 25 million new business applications during her potential administration.

Proposals under consideration include easing licensing requirements to facilitate business expansion across state borders and incentivizing local governments to minimize bureaucratic hurdles. Furthermore, she plans to promote federal contracts for small businesses and establish a fund designed to assist community banks in financing business growth in underinvested areas.

Harris’ visit to New Hampshire is one of at least three campaign stops this week, with a return planned to Pittsburgh, Pennsylvania, where she and President Biden recently showcased their commitment to supporting organized labor on Labor Day.

In contrast, Republican presidential nominee Donald Trump will hold a town hall event in Harrisburg, Pennsylvania, on Wednesday, followed by a campaign rally in Mosinee, Wisconsin, on Saturday.

In a recent online statement, Trump criticized both Biden and Harris, attributing the current economic challenges, including high prices, to their leadership. He noted that the American populace is struggling with increased transportation and grocery costs, although it’s important to recognize that U.S. presidents do not dictate these prices.