Harris to propose tenfold startup tax incentive increase she says will spur small business creation

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To,Propose,Tenfold

WASHINGTON — Vice President Kamala Harris plans to propose on Wednesday a tenfold increase in federal tax incentives for small business startup expenses, from $5,000 to $50,000, hoping to help spur a record 25 million new small business applications over her four-year term should she win the presidency in November.

She's set to unveil the plan during a campaign stop in the Portsmouth area of New Hampshire — marking a rare deviation from the Midwestern and Sunbelt battlegrounds the Democrat has focused on in her race against former Republican President Donald Trump.A Harris campaign official, who spoke on the condition of anonymity to discuss a policy plan that hadn't been released publicly, said Tuesday the change would cover the $40,000 it costs on average to start a business.

Harris' team says securing 25 million new business applications in four years if she wins the White House would exceed the roughly 19 million such applications filed since Biden took office. And those were millions more than the previous four years under Trump. The vice president's goal would be a record for new small business applications — but records only go back about 20 years.Applications to start a business don't always translate to small businesses actually being formed.

 

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