Harris Unveils New Tax Relief Plan for Small Businesses Amid Campaign Trail
PORTSMOUTH, N.H. — Vice President Kamala Harris, Democratic presidential candidate, is set to announce a series of economic policy proposals aimed at providing significant tax relief for small businesses during a campaign event in New Hampshire on Wednesday.
In her speech, Harris will advocate for increasing the tax deduction for business start-up costs from $5,000 to $50,000, as well as introducing a standard deduction for small businesses to simplify the tax filing process, according to a campaign official. These measures are part of her broader economic platform, which she calls an "opportunity economy."
Harris' proposals will require Congressional approval, with much of the nation's tax code up for review after the 2017 Trump-era tax law provisions expire in 2025. The outcome of the November elections, which will determine control of the House and Senate, will play a key role in the success of her plan.
Her pitch also includes expanding the child tax credit to $6,000 for new parents, offering $25,000 in down payment assistance for first-time homebuyers, and combating corporate "price gouging," particularly in relation to high grocery costs. These policies aim to address the economic pressures on the middle class, a focal point of her campaign in recent weeks.
Harris, alongside running mate Minnesota Gov. Tim Walz, will further emphasize her goal of encouraging small business growth, with a target of 25 million new business applications under her administration. Additional proposals include streamlining licensing requirements to allow businesses to expand across state lines, reducing local and state regulatory barriers, increasing federal contracts for small businesses, and establishing a fund to help community banks lower interest costs for businesses in underserved areas.
Her stop in New Hampshire is part of a busy campaign schedule, with upcoming events in Pennsylvania and other key states. Meanwhile, former President Donald Trump, the Republican nominee, continues his campaign with a town hall in Harrisburg, Pennsylvania, followed by a rally in Mosinee, Wisconsin.
Trump has been vocal in his criticism of the Biden-Harris administration, taking to his social media platform, Truth Social, to blame Harris for high prices over the Labor Day weekend. However, experts note that U.S. presidents do not have direct control over transportation or grocery prices.
