Vice President and Democratic presidential nominee Kamala Harris unveiled a plan Wednesday to increase small business tax deductions from $5,000 to $50,000.President and CEO of REA Media Group Raul Aguirre said, a tax break like this would have been life-changing when he started his business in the early 90's.'It costs an average of about $40,000 to start a new business. That can seem like an impossible number to many of our entrepreneurs,' Aguirre said.
While Harris's tax deduction proposal would let new businesses wait until they've turned a profit to claim the credit, Curcio said, it could take years for a business to make a profit, and, in turn, pay taxes.'Small businesses, sometimes they don't even turn a profit in the first three-to-five years,' Curcio said. 'They're barely breaking even, if anything, the first two or three years.
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