Harris to Propose Tax Breaks for Small Business

Vice President Kamala Harris is expected to unveil a new tax proposal on Wednesday that is intended to boost small-business startups, according to multiple reports Tuesday.

In a speech in New Hampshire, Harris will reportedly propose to allow new businesses to write off $50,000 in start-up expenses — 10 times the current $5,000 limit. According to The New York Times, the tax break could benefit upwards of 25 million small businesses.

Campaign officials told the Times that Harris will propose several other tax changes for small businesses, including the creation of a universal deduction that would shield more income from taxes.

The Washington Post’s Jeff Stein says the new proposals likely aim to push back against the idea that Harris is too liberal and unsupportive of business. And they come as more Americans focus on starting their own businesses. “The United States is in the midst of an unprecedented small-business and start-up boom that nobody saw coming,” John Lettieri, president of the Economic Innovation Group, told Stein. “There’s been precious little from any policymaker to harness this and keep it going.”