Harris announced the new proposal during a campaign event Wednesday.
Topline
Vice President Kamala Harris proposed Wednesday a substantial boost to the tax deductions new small businesses can use on their startup expenses, tacking on to a tax-focused economic plan she has revealed more of in recent weeks.Key Facts
The proposal, announced during a speech in New Hampshire, would increase small businesses’ $5,000 allowable deduction for startup expenses to $50,000, Harris said, adding, “It’s essentially a tax cut for starting a small business.”
New small businesses could allocate the tax deduction across multiple years or claim the full $50,000 deduction once they turn a profit.
Harris said her administration plans to make filing taxes for businesses “cheaper and easier,” likening the proposal to how individual people can file for standard deductions.
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