Current:Home > InvestHarris to propose $50K tax break for small business in economic plan -Thrive Financial Network
Harris to propose $50K tax break for small business in economic plan
View
Date:2025-04-17 10:54:53
WASHINGTON — Vice President Kamala Harris will propose a tax break for startups on Wednesday intended to help entrepreneurs offset the costs of starting a small business.
Harris will push to increase the small business tax deduction from $5,000 to $50,000 for new companies if she's elected, a campaign adviser to the Democratic nominee said.
The adviser did not say how Harris plans to pay for the proposal, which she plans to outline on a visit to New Hampshire.
Harris' campaign says the amount the amount is meant to cover the $40,000 on average in costs to start a small business, and filers could wait to claim all or part of the deduction until they see profits to reduce their tax burden.
She'll also propose the creation of a small business expansion fund to help community banks and Community Development Financial Institutions make up interest and incentivize them to make investments in underserved areas.
Sign-up for Your Vote: Text with the USA TODAY elections team.
Some of Harris' small business plan would require congressional approval. Other parts of it are goals she says she would aspire to. They include a benchmark of 25 million new small business applications over four years and a general desire to expand contract opportunities for rural and underserved small businesses.
More:Best side hustle ideas to make extra money in 2024
The bare bones proposals include a pledge to develop a standard deduction for small businesses. Harris would also seek reduce barriers to getting occupational licenses, to make it easier for businesses work across state lines, her campaign says.
Harris has been casting herself as a centrist as Republican nominee Donald Trump tells voters she'd govern as a liberal. In a previous economic speech, Harris said she'd ban price gouging for food and groceries, cap insulin costs at $35 a month, give new parents a $6,000 tax break and and offer first-time homebuyers a $25,000 credit.
Several of her latest ideas are in line with policy positions that are typically put forward by economic conservatives. Her campaign said she would look for ways to incentivize state and local government to simplify their regulatory processes and reduce government bureaucracy.
veryGood! (842)
Related
- At site of suspected mass killings, Syrians recall horrors, hope for answers
- Prominent British lawmaker Crispin Blunt reveals he was arrested in connection with rape allegation
- Arizona Diamondbacks take series of slights into surprise World Series against Texas Rangers
- Patrick Dempsey Speaks Out on Mass Shooting in His Hometown of Lewiston, Maine
- US wholesale inflation accelerated in November in sign that some price pressures remain elevated
- 2% of kids and 7% of adults have gotten the new COVID shots, US data show
- Hailey Bieber calls pregnancy rumors 'disheartening'
- Coyotes' Travis Dermott took stand that led NHL to reverse Pride Tape ban. Here's why.
- Selena Gomez engaged to Benny Blanco after 1 year together: 'Forever begins now'
- Spain considers using military barracks to house migrants amid uptick in arrivals by boat
Ranking
- Selena Gomez's "Weird Uncles" Steve Martin and Martin Short React to Her Engagement
- Pedro Argote, suspect in killing of Maryland judge, found dead
- 'Naked Attraction' offers low-hanging fruit
- Former Premier Li Keqiang, China’s top economic official for a decade, has died at 68
- Small twin
- Houston-area deputy indicted on murder charge after man fatally shot following shoplifting incident
- With map redrawn favoring GOP, North Carolina Democratic US Rep. Jackson to run for attorney general
- Slammed by interest rates, many Americans can't afford their car payments
Recommendation
A Mississippi company is sentenced for mislabeling cheap seafood as premium local fish
Arizona Diamondbacks take series of slights into surprise World Series against Texas Rangers
University of Louisiana System’s board appoints Grambling State’s leader as new president
FDA warns about risks of giving probiotics to preterm babies after infant's death
Sam Taylor
Scarlett Johansson and Colin Jost Put Their Chemistry on Display in Bloopers Clip
Rampage in Maine is the 36th mass killing this year. Here's what happened in the others
Exiled Russian journalist discusses new book, alleged poisoning attempt