Harris breaks with Biden on capital gains tax in plan to spur small business growth

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Vice president provides some details on plan to increase new small businesses.

Democratic presidential nominee Vice President Kamala Harris speaks during a campaign stop at the Throwback Brewery, Sept. 4, 2024, in North Hampton, N.H.

Democratic presidential nominee Vice President Kamala Harris speaks during a campaign stop at the Throwback Brewery, Sept. 4, 2024, in North Hampton, N.H.However, the move comes as Harris and Trump seek to sharpen their economic messages to voters before facing off in theirin Philadelphia next week. Trump is scheduled to give his own economic policy address on Thursday.

Some profitable businesses could also defer the full benefit, opting to instead use it across multiple years by deducting only earnings from the first year of business and utilizing the remainder of the total $50,000 in future years, according to literature circulated to reporters from the Harris campaign.

Harris also said that her administration would provide low- and no-interest loans to already existing small businesses. The campaign’s literature detailed a fund that would enable community banks and Community Development Financial Institutions to cover interest costs as small businesses expand in historically underinvested regions.

 

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